Bitcoin While it continued to recover after the decline last week, it reached over $ 67,000.
While the expectation of an increase in the price increased after the Bitcoin Halving that took place over the weekend, a new report came from Fidelity.
In a recent report, Fidelity Digital Assets revised its Bitcoin forecast and changed its medium-term outlook from positive to neutral.
At this point, Fidelity analysts point out that the sales pressure in Bitcoin has increased and due to the increase in sales pressure, He argued that the BTC price is no longer “cheap”.
Fidelity analysts, who use metrics such as the Net Unrealized Profit/Loss (NUPL) ratio in their Bitcoin predictions and the MVRV Z-Score, which is used to evaluate when BTC is overvalued or undervalued, stated the following in the report:
“We revise Bitcoin’s medium-term outlook to neutral. This shows that Bitcoin is now traded at “fair value”.
Among the criteria that contributed to the revision of the outlook on BTC was the fact that long-term holders increased the selling pressure, 99% of the addresses were making a profit, and this could “increase the selling pressure”.
Other on-chain metrics supporting its revision include the Net Unrealized Profit/Loss (NUPL) ratio and the MVRV Z-Score, which is used to evaluate when BTC is over- or undervalued.”
“We are in the Middle of the Four-Year Cycle!”
Fidelity, also Bitcoin He noted that price levels above the golden cross indicate bullish momentum in Bitcoin, with trading above the 50-day and 200-day moving averages throughout the first quarter.
Finally Fidelity research director Chris Kuiper Stating that we are in the middle of the 4-year period in Bitcoin in the report We believe that on-chain indicators are now clearly above previously observed lows or extreme lows. But we’re not even close to historical highs. Indicators show you are at the midpoint or halfway point. In fact, historically a disproportionate amount of price increases occur in the second half of the cycle.” said.
Where are we at in the digital asset cycle?
Our latest Signals report just dropped and we changed a couple of our outlooks for #bitcoin.
Most notably the mid-term outlook is now “Neutral” from “Positive” last quarter. Why?https://t.co/Dx042hZlzV
— Chris Kuiper, CFA (@ChrisJKuiper) April 22, 2024
*This is not investment advice.
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