PANews reported on May 12 that according to The Block, analysts said that Bitcoin may set a new historical record, but the price may also fall back in the short term. Vincent Liu, chief investment officer of Kronos Research, pointed out that Bitcoin is close to its historical high, with strong technicals and prices above the 50-day and 200-day moving averages; the rising adoption rate of institutional investors and the optimistic outlook for 2025 provide a path for it to set new highs.
However, the relative strength index of Bitcoin shows that it is already in the "overbought" area. BTC Markets analyst Rachael Lucas believes that although this does not mean that the price will reverse immediately, there may be price adjustments or sideways in the short term; Bitcoin's retracement and consolidation above the key psychological price of $100,000 will be conducive to further gains. Presto Research analyst Min Jung said that the recent rise in the cryptocurrency market was driven by optimism about the Sino-US trade negotiations, and there is currently a rotation phenomenon, with funds flowing into other cryptocurrencies. He also said that whether Bitcoin can break through the previous high depends on the progress of trade negotiations, and geopolitical tensions remain a key variable.
