Bitcoin traded at $81,985 on Wednesday, March 12, marking a decline of $811 or 0.98% from the previous trading session. The cryptocurrency has faced notable volatility in recent weeks, shedding 15.16% over the past four weeks.
Bitcoin consolidates above $81,000
However, despite the recent downturn, Bitcoin remains up by 12.07% over the last 12 months, reflecting its long-term resilience amid shifting market conditions.
The recent decline in Bitcoin’s price has been attributed to several factors, including increased regulatory scrutiny in key markets, a broader sell-off in risk assets, and profit-taking after the cryptocurrency hit record highs earlier in the year. Additionally, uncertainty surrounding the U.S. Federal Reserve’s monetary policy stance and its impact on liquidity conditions has contributed to cautious sentiment among investors.
BTC set to rise above $84,000
Looking ahead, Bitcoin’s price trajectory remains a subject of debate among analysts and traders. According to Trading Economics' global macro models and analysts' expectations, Bitcoin is forecasted to rise to $84,276 by the end of this quarter, suggesting potential short-term upside driven by renewed institutional interest and improving market sentiment. However, over a longer horizon, the cryptocurrency is projected to trade at $79,901 in one year, indicating potential consolidation as the market navigates macroeconomic headwinds and regulatory developments.
