Bitcoin Prediction: Bear or Bull?

Last week, BTC continued its fall, dropping to a six-month low of $34,000. This level is 50% down from BTC's all-time high of $69,000 and the fall had a knock-on effect on altcoin prices and DeFi tokens in general.

However, on a technical and fundamental level, there's plenty to be positive about. Bitcoin's Relative Strength Index (RSI) dipped to its lowest level since March 2020, well below the ''oversold'' zone. Meanwhile, Bitcoin's total market cap finds itself at the next major level of support.

  Fundamentally, BTC recorded a new all-time high mining difficulty of 26.643 trillion with an average hash rate of 190.71 exahashes per second. This signals strong support in the Bitcoin community despite the ongoing bear market. According to data from BTC.com, the Bitcoin network is set to grow stronger in the next 12 days, consequently achieving another all-time high.