Bitcoin price may see decisive move amid macro developments

Analysts predict Bitcoin (CRYPTO:BTC) may experience a "decisive price move" in the coming weeks as the US determines its next steps regarding Bitcoin, coupled with unfolding macroeconomic events.

Bitfinex analysts noted that Bitcoin has been trading within a 15% price range since mid-November around $90,000.

Historically, these consolidated price ranges tend to resolve in either direction within 80-90 days.

Despite a “high correlation” with macro conditions, Bitcoin's ability to remain above its pre-US election price of approximately $70,000 suggests relative strength, even amid market turbulence caused by US President Donald Trump's tariffs on Canada, Mexico, and China.

Trump’s tariff news triggered a significant liquidation event in the crypto markets on February 3, resulting in over $2.24 billion liquidated within 24 hours.

While analysts acknowledge the potential for near-term volatility due to macroeconomic factors, they maintain a positive long-term outlook for Bitcoin.

Some analysts anticipate a significant surge in Bitcoin's price once the US government clarifies its Bitcoin plans.

Crypto analyst Thomas Fahrer suggested that if the US government announces a Bitcoin purchase, the price could increase by $50,000 within a minute.

MN Capital founder Michaël van de Poppe stated that the US government may realise the need to be positive about crypto adoption.

Experts forecast that Bitcoin will likely see a price range between $94,000 and $105,000.

Other analysts predict that BTC hasn’t peaked yet, with indicators suggesting more upside potential for this cycle.

Some analysts think if the trend continues, BTC could go beyond $250,000 in this cycle.

At the time of reporting, the Bitcoin (BTC) price was $98,102.51.