Mon Jan 13 12:30:00 UTC 2025: **DailyForex Analyst Predicts Further Bitcoin Decline**
**New York, NY** – DailyForex Chief Analyst Adam Lemon issued a bearish forecast for Bitcoin (BTC/USD) today, predicting further price drops unless key support levels hold. Lemon, a 12-year veteran of financial markets including a 6-year stint at Merrill Lynch, highlighted the $91,796 level as crucial. A break below this level, he says, would likely trigger a significant further decline.
Lemon’s analysis points to a series of lower highs in recent BTC/USD price action, coupled with a strengthening US dollar and a general sell-off in risk assets. He notes that his previous prediction of a pivotal point at $101,655 proved accurate, with the price falling sharply after breaking below it. While a bullish bounce from $91,796 is possible, Lemon advises against trading long positions at this time.
He plans to initiate a new short trade if the price closes below $91,796 on two consecutive hourly candles with minimal lower wicks, or if a bearish reversal occurs at the $93,854 resistance level. Lemon emphasizes the importance of risk management, trend following, and perseverance for retail traders seeking positive returns, recommending using only reputable brokerages.
Lemon’s analysis emphasizes technical indicators like pin bars, dojis, outside candles, and engulfing candles as key tools for identifying price action reversals. He cautions that while he believes positive returns are attainable for retail investors, currency trading involves high risk and may not be suitable for all investors. Losses can exceed initial deposits. The full disclaimer can be found on the DailyForex website.
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