Analyst: Strong long-term backdrop could support cryptocurrencies through 2025

Katie Stockton, founder of independent research provider Fairlead Strategies, said Bitcoin looks likely to see a double-digit drop as technical signals suggest it has been "overbought" in its recent rally. In a note to clients on Tuesday, she expects further near-term weakness for the world's largest cryptocurrency, despite its recovery to levels above $100,000 earlier this week. Stockton predicts that Bitcoin is expected to find support around $84,500, which means that in the next sell-off, Bitcoin will fall another 13% from current levels. She also added that Bitcoin may find secondary support at the $73,800 level, which means that if the sell-off exceeds expectations, the token could fall as much as 25%. Despite this, Stockton said she remains bullish on Bitcoin in the long run, noting that a strong long-term backdrop could support the cryptocurrency throughout 2025. (businessinsider)