bitcoin, It faced strong selling pressure after spot ETF approval and fell to $38,500.
It started to recover after BTCAfter consolidating at the $42,000 level, it rose above $44,000 last night.
While this rise excites investors, it remains a matter of curiosity whether the rise will continue.
At this point, the company that manages trillion dollars Fidelty published its short and long term Bitcoin and Ethereum forecast.
Fidelity analysts evaluated its performance in the 4th quarter of 2023, on-chain measurements and other indicators together. He said that BTC and ETH predictions for 2024 and the next five years are bullish.
For the short-term Bitcoin forecast, Fidelity analysts stated that they based their bullish forecasts for 2024 on 3 main factors such as the FED’s interest rate cuts, the Bitcoin halving and the success of spot Bitcoin ETFs.
In his long-term, five-year forecast, he said that most on-chain indicators are positive for the Bitcoin price.
He stated that for Ethereum, as for Bitcoin, most on-chain indicators are positive for the price in the short and long term.
“As of the end of Q4 2023, data reveals a generally positive outlook for both Bitcoin and Ethereum in the short and long term. Bitcoin closed 2023 with a 154% increase.
Ethereum has increased by approximately 90% since the beginning of the year 2023 and there are positive price signals in the short term.”
At the time of writing, Bitcoin is at $44,700 and Ethereum is at $2,420.
*This is not investment advice.
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