Author: Bitpush News Mary Liu
The cryptocurrency market declined slightly on Wednesday, giving back some of the gains from the previous day. Bitpush data shows that Bit is currently consolidating around $96,500, down 1.6% in the past 24 hours. ETH rose 2% to $2,790. Meanwhile, XRP fell 7% to $2.4, and Solana (SOL) fell 6% to $196. The total cryptocurrency market capitalization fell 1.8% in the past 24 hours to $3.17 trillion.
Trump Tariff Agreement Continues to Cause Market Volatility
As the market retreats, the uncertainty surrounding U.S. economic policy and regulatory changes persists. Although Trump's temporary suspension of tariffs on Canada and Mexico has temporarily eased market pressure, investors remain cautious about increased volatility, inflationary pressures, and upcoming legislative developments.
XS.com senior market analyst Antonio Di Giacomo said: "With the agreement between the Mexican president and Trump, the market outlook has seen a positive turn." However, he warned that despite the price rebound, cryptocurrency market volatility remains high.
Di Giacomo said: "Bit continues to face challenges from the Federal Reserve's monetary policy, government regulation, and the behavior of large investors. Experts believe that the $100,000 level may become a strong resistance in the short term, and sustained growth will be difficult without new catalysts."
What Do Market Sentiments Imply?
According to the daily timeframe chart analysis by analyst Trivedi, Bit has rebounded from the $92,000 range low and retested the 50% Fibonacci resistance level. However, the price failed to break above the 20-day EMA resistance and continues to trade below it, indicating a lack of sufficient buying momentum in the market.
Although the BTC price has significantly breached the $100,000 mark, the overall uptrend remains intact. As long as the price stays above $90,000, the bulls will continue to dominate and may potentially restart the uptrend.
According to Coinglass data, the long-short ratio is currently 0.9849, indicating a slight improvement in market sentiment. However, the open interest (OI) has decreased by 2.30% to $58.84 billion.
The current critical support levels are at $95,000 and $92,000, while the resistance levels are at $100,000 and $105,000.
Optimistic Forecast: Targeting $170,000 Within Months, $500,000 by 2028
Market analyst best_analysts in their latest post on the X platform pointed out that if the historical price trend is repeated, Bit may be on the verge of a larger-scale breakthrough. Based on long-term trend analysis, Bit is expected to rise to around $170,000 in the coming months, with the specific gain depending on its ability to maintain the current trend.
Meanwhile, CryptoGoos mentioned in their post that BlackRock has continued to increase its holdings of Bit and ETH during the recent market pullback. This move, coupled with the continuous decline in exchange supply, suggests that the market's demand for the asset is gradually increasing.
From historical data, a decrease in exchange supply is often an important signal that a cryptocurrency asset is about to rebound. Furthermore, as the Bit price has experienced a significant correction from its highs, the market may be accumulating momentum for the next rally to the all-time high (ATH).
The always-aggressive Standard Chartered Bank in its latest report predicts that the Bit price could reach $500,000 by 2028. This forecast is based on two key factors: the proliferation of spot Bit ETFs and the decline in volatility.
Geoffrey Kendrick, Standard Chartered's global head of digital assets research, said in the report that as the U.S. spot Bit ETF market matures, Bit's volatility will gradually decrease. He stated that under the policy support of the Trump administration, the channels for obtaining Bit are improving, and the trend of institutional capital flowing into spot Bit ETFs will continue to grow.
Kendrick believes that the optimal portfolio allocation between Bit and gold will gradually increase, which will drive the long-term appreciation of the Bit price. He wrote: "As the portfolio approaches its optimal state, the Bit price will achieve long-term appreciation."
Standard Chartered's forecasts for Bit are as follows:
End of 2025 target: $200,000
2026 target: $300,000
2028 target: $500,000
Kendrick emphasized that this upward trend will be gradually realized during the tenure of U.S. President Trump and will be sufficient to drive Bit to $500,000 before Trump's departure.