As the Supreme Court’s tariff decision was postponed yet again this week, Bitcoin surged to $97,500. Many investors perceive this surge as speculative since each rise in recent months has been followed by significant declines. The pressing question is, what is the current market outlook? What does Roman Trading, the cryptocurrency soothsayer, predict? We will delve into forecasts from different analysts.
Insights from the Cryptocurrency Soothsayer
Throughout history, there have been analysts who are cynically dubbed soothsayers for their frequent accurate predictions. In the crypto world, every soothsayer has faced days of disgrace. PlanB became a source of ridicule in 2022, while CAPO experienced humiliation in 2023. If history repeats itself, Roman Trading, who has gained attention with accurate forecasts in the past six months, might also face ridicule this year. Every soothsayer is hailed as the best 6-9 months before they become the butt of jokes.
Today at 18:15 local time, Roman Trading shared the following insights:
There is significant tariff news this week.
I wouldn’t be surprised if this movement reverses as soon as it falls.
Classic resistance rise, followed by a major fall scenario.
The chart he shared suggests that after testing resistance around $101,000, BTC will fall to $76,000. Whether he’s proven correct remains to be seen.
In his weekly analysis shared in the morning, the analyst made similar remarks.
This is a typical bearish trend explained in textbooks: volume increases – price drops, then volume decreases – price rises/stabilizes.
We might test the 100,000 level again, but it’s not something to get excited about. The next time we see large volume, we’ll likely witness a bearish trend.
Perspectives from Cowen and Scott
Scott Melker wrote that a breakout from a rising triangle had occurred, setting Bitcoin’s target at $112,000. However, the weekly close needs to be observed since numerous failed attempts have frustrated investors. Although Scott claims technical analysis clearly points to $112,000, only time will tell.
Benjamin Cowen, on the other hand, shared a graph indicating the status of altcoins against silver, suggesting that current market conditions may not yield the desired results for altcoin investors.
At the time of writing, BTC had surged past and remained over $97,500.