Bitcoin Correction Could Last Until March or April Before Attempting to Rally
The current correction in Bitcoin (BTC) may extend until March or April before attempting to rally back to previous highs, as per analysis from Matrixport. Bitcoin dropped below $80,000 on Feb. 27 for the first time in a week amidst a broader market sell-off driven by escalating global trade tensions. Major US stock market indexes, including the Nasdaq 100, S&P 500, and Dow Jones Industrial Average, all experienced losses. Matrixport emphasized the importance of analyzing macroeconomic trends and central bank policies for forecasting Bitcoin's price trajectory. The strengthening US dollar has been a key factor in the recent financial turmoil, impacting Bitcoin prices negatively.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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