Despite bitcoin’s recent rally fueled by the election, experts believe that its 260-day complexity is not yet close to the 1.2 level that would signal the start of another crypto winter. The BCA Research team led by Chief Strategist Dhaval Joshi stated in a note to clients on November 14th that, “While we should expect a near-term retracement, bitcoin’s structural uptrend remains intact with an ultimate destination of $200,000+.”
This statement indicates that although there may be some short-term fluctuations in the price of bitcoin, the overall trend is pointing towards a significant increase in value in the long run.
Investors and analysts are closely monitoring the cryptocurrency market to see how bitcoin will perform in the coming months. With the potential for further growth and the possibility of reaching new all-time highs, many are optimistic about the future of bitcoin and other cryptocurrencies.
