BCA turns bearish on bitcoin
BCA TURNS BEARISH ON BITCOINBCA Research has reassesed its bullish stance on crypto from early 2023, following Bitcoin’s recent all-time highs."While institutional adoption is broadening, there are also signs of excessive exuberance, speculation, and optimism," write BCA strategists Juan Correa and Artem Sakhbiev in a GEO Macro Strategy note out on Tuesday.Given these conditions, BCA says "a near-term correction appears likely." Therefore, BCA is "booking profits and will look to re-enter the market at $75,000."With bitcoin now around $97,000, a near-term decline to $75,000 would be about a 23% drop from current levels, and a 31% slide from its $109,071.86 January 20 (Trump Inauguration Day) record intraday high.A near-term retreat to $75,000 would also put bitcoin down about 20% YTD, and on pace for its first negative year since 2022. BTC= ended 2024 at $93,686.62.On Election Day, last November, bitcoin finished at $75,984.(Terence Gabriel) *****FOR WEDNESDAY'S EARLIER LIVE MARKETS POSTS:DATA HEATWAVE: CPI, MORTGAGE DEMAND - CLICK HEREWALL STREET OPENS LOWER ON HOT INFLATION - CLICK HEREU.S. STOCK FUTURES SLIDE, YIELDS SURGE, AFTER HOT CPI - CLICK HERELOOKING AT ITALIAN BANKS M&A? HANDLE WITH CARE! - CLICK HERE"SHORT COVERING IS DONE... BUT DON'T FADE EUROPE YET" - CLICK HERERAFT OF POSITIVE EARNINGS KEEP STOXX SWEET - CLICK HEREEUROPE BEFORE THE BELL: GAINS AHEAD ON SWEET EARNINGS, CPI LOOMS - CLICK HEREMARKETS LOOK TO US CPI WITH ONE EYE ON TARIFFS - CLICK HERE