Bitcoin’s Macro Outlook is Insanely Bullish, But BTC May First Visit Sub-$5,000

Bitcoin has been facing intense volatility over the past month, which first began when it incurred an explosive rally that sent it from $7,300 to highs of $10,600. In the time since this occurred, BTC’s bears have been firmly in control, erasing nearly all of the gains that were produced in this rally.

In the short-term, analysts are noting that it seems nearly inevitable that BTC will dip below $5,000, but the long-term outlook still looks incredibly bullish, with one industry insider saying it is all but guaranteed that Bitcoin will eventually see $100,000.

Bitcoin Finds Support at $6,700, But Sub-$5,000 Movement May be Inbound

Currently, Bitcoin is trading up just under 2% at its current price of $7,300, which marks a notable climb from its daily lows of $6,700 that were set during the recent sell-off.

BTC’s strong bounce from these lows signals that there is a significant amount of buying pressure here, which may bolster its near-term price action.

Despite this, analysts still…