Investment research firm ByteTree upgraded its Bitcoin price outlook from “neutral” to “bullish.” The famous research company cites the benefit of the leading cryptocurrency as a “safe haven” as the reason for this.
“Bitcoin price will be higher in three months!”
cryptokoin.comAs you follow from, Bitcoin (BTC) briefly rose above $28,000. It then fell to $27,300 as traders took the opportunity to sell the rally. The largest cryptocurrency by market value has been changing hands at $27,500 for some time. It followed a horizontal trend in the last 24 hours. But it still outperformed the broader crypto market.
Ledn’s chief investment officer, John Glover, shared his predictions when the rally began. “I expect the market to sell into this rally in the near term,” Glover said. “In the absence of new capital flowing into digital assets, I believe this rally will be short-lived.” said. Additionally, Glover expects a more sustained appreciation to occur later this year and early next year as Bitcoin appears to have completed its corrective move. In this context, he shares the following prediction:
I believe the BTC price will be higher than it is today in three months. Because technically we completed the sale. I now expect a sustained rally through Q2 2024.
BTC is a safe haven against rising interest rates
Investment research firm ByteTree increased its BTC market signal from neutral to bullish in its latest report. The crypto’s recent price movement has defied a tough period for traditional financial markets, offering a safe haven against the decline in stock and bond trading. Charlie Morris, ByteTree’s chief investment officer, underlines the following points in the report:
Bitcoin futures are looking good, especially when you compare it to the crisis in the bond market. A true safe haven against Uncle Sam’s bonds
Morris points out that BTC has outperformed the US stock market at a time when rising bond yields are wreaking havoc on traditional markets. He says that when interest rates peak and the bond sell-off ends, BTC will “join the races.”
Bitcoin is in a bull market, albeit quiet!
Meanwhile, Charlie Morris notes that during BTC’s recent corrective move, it remained above $25,000. This level is important as it is the crypto’s price-limiting zone between May 2022 and March 2023. In this context, he says, “If we can maintain the $25,000 level, which we probably will, BTC is in a bull market, albeit a quiet one.”
Meanwhile, even if Bitcoin breaks free from rising yields, it remains stuck in the $26,000 to $30,000 cage, according to Edward Moya, senior market analyst for the Americas at Forex trading firm Oanda. According to the analyst, what is preventing crypto investors from being more optimistic is that the bond market sell-off refuses to end. Also, this will cripple many crypto startups.
To be informed about the latest developments, follow us twitter‘in, Facebookin and InstagramFollow on and Telegram And YouTube Join our channel!