Bitcoin (BTC USD) price has gone through a topsy-turvy scenario over the past few days despite a flurry of positive developments in the market.
Despite a monthly gain, Bitcoin USD failed to showcase a positive momentum in the last 24 hours, falling below the brief $116k support.
However, despite the gloomy momentum, a recent Bitcoin price prediction has sparked discussions among market watchers.
For context, an analyst has evaluated the historical trends, which indicate a possible rally of the flagship crypto to $190,000.
Although the historical trends do not guarantee future returns, the analysis has caught investors’ attention.
Meanwhile, investors must note that market pundits have also shared some crucial levels to watch for BTC USD.
For context, top market experts said that if BTC slips below a crucial level ahead, it could trigger a massive selloff.
Based on the price bands, there is a possibility that Bitcoin price may slip to near $90k if the support fails to hold.
Bitcoin (BTC USD) Price Slips, But Market Trends Hint at Recovery
Despite the optimistic Bitcoin price prediction from market pundits, Bitcoin USD has stayed in the red today.
During writing, BTC price was down around 0.5% and its price rested below the brief $116,000 mark.
Its trading volume also plunged 29% to $30 billion, indicating that the investors are treading cautiously.
Notably, the crypto has hovered between $116,495 and $115,141 in the last 24 hours.
Amid the price retreat, the BTC USD Futures Open Interest fell 0.6% in the last 24 hours to $84.5 billion.
While OI on other exchanges stayed in the green, CME Exchange saw a plunge of 2.44% to $17.22 billion, CoinGlass data showed.
Meanwhile, the current decline comes despite a sustained institutional interest. According to recent data, the US Spot Bitcoin ETF recorded a weekly inflow of $886 million.
Bitcoin Price Prediction: Can Bitcoin USD Hit $190k?
A recent Bitcoin price prediction has sparked hopes among traders despite the fading momentum in the asset recorded recently.
For context, in a recent X post, analyst CryptoELITES said that Bitcoin USD is poised to hit $190k in the near future.
Meanwhile, his analysis is based on the historical trends of BTC USD. Although historical trends do not assure future gains, it has still gained notable traction from market participants.
However, he has noted $115.5k mark as a key level that Bitcoin price must hold to continue its rally. Echoing a similar sentiment, market expert Ali Martinez has also shared a Bitcoin price prediction.
According to Martinez, if Bitcoin USD loses the $115,4440 support, it could witness a dip to $93.6k. However, if it holds the support, a BTC USD rally to $137,300 could be witnessed in the near future.
Key Events to Watch for Short-Term Movements of Bitcoin Price
The crypto market eagerly awaits major events this week for short-term movements of Bitcoin USD amid the bullish Bitcoin price prediction.
For context, the latest Fed rate cut has failed to generate much optimism in the market, with Powell’s dovish hints having fueled some rally initially.
Now, the market is waiting for Fed Chair Jerome Powell’s speech on September 23 for further cues on the potential future moves of the US central bank.
In addition, all eyes will be on the upcoming US PCE inflation data for cues on the current economic health.
According to Wall Street forecasts, the PCE inflation is expected to come in at 2.7% for August, up from 2.6% recorded in the prior month. The Core PCE inflation is expected to remain unchanged at 2.9%.
Meanwhile, this PCE inflation data might decide the potential future move of Bitcoin USD as well as the broader financial markets.
If the data comes in hotter-than-anticipated, it might dampen the broader market sentiment.
Having said that, investors should exercise due diligence while putting their bets into the ongoing volatile scenario in the market.
Besides, BTC USD must hold the brief support at $115k to support the Bitcoin price prediction to $190k ahead.