Investment research firm ByteTree has raised the price outlook of Bitcoin from "neutral" to "bullish" as cryptocurrencies benefit from being a "safe haven" in stock and bond sales.Bitcoin plummeted to $27300 as its rebound above $28000 proved short-lived
Investment research firm ByteTree has raised the price outlook of Bitcoin from "neutral" to "bullish" as cryptocurrencies benefit from being a "safe haven" in stock and bond sales.
Bitcoin plummeted to $27300 as its rebound above $28000 proved short-lived.
On Thursday morning trading in the United States, Bitcoin (BTC) briefly surged above $28000 before falling to a low of $27300 as traders took the opportunity to sell and rebound.
The largest cryptocurrency by market value has recently changed hands at $27500, remaining flat in the past 24 hours, but still outperforming the broader cryptocurrency market. The CoinDesk Market Index (CMI), represented by a basket of digital assets, fell 0.3%, while Ethereum (ETH) fell 1.8% during the same period.
In the short term, I expect the market to sell off in this rebound, "Ledn's Chief Investment Officer John Glover told CoinDesk in an email
Glover predicts that as Bitcoin appears to have completed its corrective action, it will achieve a more sustained appreciation later this year and early next year. He said, "I do believe that BTC prices will be higher than they are now within three months, because technically, we have completed the sell-off, and I now expect BTC prices to continue to rise in the second quarter of 2024
Bitcoin is a safe haven from the impact of soaring interest rates
Investment research firm ByteTree upgraded the BTC market signal from neutral to a bull market in a report on Thursday. The recent price trends of cryptocurrencies have ignored the difficult times of traditional financial markets, providing a safe haven for the sharp decline in stock and bond trading.
Charlie Morris, Chief Investment Officer of ByteTree, stated in a report: "Bitcoin futures look good, especially when you compare them to crises in the bond market." "This is a true safe haven away from bonds
He pointed out that while the surge in bond yields caused serious damage to traditional markets, Bitcoin outperformed the US stock market. He said that when interest rates reach their peak and bond selling ends, Bitcoin will "start competing".
Morris pointed out that during the latest adjustment process of BTC, the cryptocurrency remained above a critical level of $25000, which limits prices for the period from May 2022 to March 2023If we can maintain the level of $25000 (which we may do), then BTC is in a bull market, despite being a calm market, "he said.
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
