LIVE MARKETS-BCA turns bearish on bitcoin

ReutersFeb 12, 2025 5:11 PM

Dow off ~0.4%, S&P 500 off ~0.3%, Nasdaq ~flat
Energy weakest S&P 500 sector; Staples leading gainer
Euro STOXX 600 index rises ~0.1%
Dollar edges down; gold up ~0.3%; crude off <2%; bitcoin up 0.6%
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BCA TURNS BEARISH ON BITCOIN

BCA 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 BTC= 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)

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