Wall Street Giant Citi Announces New Bitcoin (BTC) Price Prediction!
Bitcoin (BTC) has experienced sharp declines in recent days as part of a downward trend that began in October.
With Bitcoin recently falling below $73,000, expectations of further decline are increasing.
At this point, Wall Street giant Citi stated in its latest analysis that Bitcoin is at a critical juncture.
According to Coindesk, Citi analysts stated that Bitcoin could retest the $70,000 level amid a slowdown in spot ETF inflows and regulatory uncertainty.
Citi analyst Alex Saunders noted that ETF fund inflows have slowed and that long positions in the futures market continue to be liquidated.
Faced with these negative factors, Bitcoin is trading well below $81,600, the average entry price for spot ETF investors.
At this point, the analyst noted that Bitcoin was approaching the approximately $70,000 level reached before the US presidential election and was moving towards a decisive price zone that could determine the short-term direction of the market.
The analyst also pointed out the macroeconomic risks that continue to affect Bitcoin.
Citi stated, “The Fed’s balance sheet reduction policy has historically reduced bank liquidity and put pressure on crypto markets. However, as concerns about a prolonged crypto winter grow, this remains not the baseline scenario, but rather an ‘extreme risk’ (a low-probability event that, if it occurs, would have a significant impact).”
The analyst concluded that regulations in the US cryptocurrency market remain the most significant potential catalyst. However, progress on the US Clarity Act bill has been slow and uneven.
According to the analyst, as Senate deliberations continue, delays and mixed political support have lowered market expectations, reducing the likelihood of the bill passing. This is putting pressure on Bitcoin and the cryptocurrency market.
*This is not investment advice.
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