Reserve

Bitcoin

April

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<ul>
 <li>According to analysts, a series of catalysts and historical behavior could propel Bitcoin (BTC) to as high as $160,000 in conjunction with a broad bull market set to begin in 2024.</li>
 <li>Bitcoin has typically rallied after its halving events in history, which automatically reduces the new coin supply in the open market.</li>
 <li>Seven major traditional financial players like BlackRock and VanEck are in talks with the U.S. Securities and Exchange Commission (SEC) regarding spot Bitcoin ETFs.</li>
</ul>
<p><strong>In its latest report, the analytics firm announced the factors affecting the Bitcoin price and short, medium and long-term price targets.</strong></p>
<h2 id="strong-predictions-for-bitcoin-from-analytical-firm-strong"><strong>Predictions for Bitcoin from Analytical Firm</strong></h2>
<p><img loading="lazy" decoding="async" class="alignnone size-full wp-image-126523" src="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/bitcoin-btc-26.webp?resize=696%2C392&amp;quality=70&amp;ssl=1" alt="bitcoin-btc" width="696" height="392" srcset="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/bitcoin-btc-26.webp?w=1280&amp;quality=70&amp;ssl=1 1280w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/bitcoin-btc-26.webp?resize=300%2C169&amp;quality=70&amp;ssl=1 300w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/bitcoin-btc-26.webp?resize=1024%2C576&amp;quality=70&amp;ssl=1 1024w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/bitcoin-btc-26.webp?resize=768%2C432&amp;quality=70&amp;ssl=1 768w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/bitcoin-btc-26.webp?resize=150%2C84&amp;quality=70&amp;ssl=1 150w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/bitcoin-btc-26.webp?resize=696%2C392&amp;quality=70&amp;ssl=1 696w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/bitcoin-btc-26.webp?resize=1068%2C601&amp;quality=70&amp;ssl=1 1068w" sizes="(max-width: 696px) 100vw, 696px" data-recalc-dims="1"></p>
<p>According to analysts, a series of catalysts and historical behavior could propel Bitcoin (BTC) to as high as $160,000 in conjunction with a broad bull market set to begin in 2024. According to a report published by on-chain analysis firm CryptoQuant shared with COINOTAG on Wednesday, the expected demand from several spot exchange-traded funds (ETFs) in the U.S., coupled with the upcoming halving and the impact of interest rate cuts on the growth in the broader stock markets, could push Bitcoin prices to at least $50,000 in the short term.</p>
<p>CryptoQuant analysts said, “Bitcoin and the crypto markets could have a positive year in 2024, with the main reasons being: 1. Market valuation cycle, 2. Network activity, 3. Bitcoin halving, 4. Macro-economic perspective, 5. Bitcoin spot ETF approval, and 6. Effects of increased stablecoin liquidity.”</p>
<p>Analysts added, “Bitcoin’s on-chain valuation and network metrics show that Bitcoin is still in a bull market, and it could target $160,000 in the medium term to reach the price peak of this cycle, $54,000 in the short term.”</p>
<p>Bitcoin has typically rallied after its halving events, which automatically reduces the new coin supply in the open market. Traders are likely continuing to price in the upcoming halving, scheduled for April 2024.</p>
<p>On the other hand, seven major traditional financial players such as BlackRock and VanEck are in talks with the U.S. Securities and Exchange Commission (SEC) regarding spot Bitcoin ETFs, and it is likely that ongoing mutual discussions are progressing positively.</p>
<h2 id="strong-key-insights-from-saylor-on-bitcoin-strong"><strong>Key Insights from Saylor on Bitcoin</strong></h2>
<p>Michael Saylor stated in an interview on Tuesday that claiming this development could be “the biggest development on Wall Street in 30 years doesn’t make sense” and said the last groundbreaking product was the S&amp;P 500 ETF, which provided investors with a one-click exposure to this widely tracked index. Saylor’s business software company MicroStrategy is the largest public holder of Bitcoin, holding over $8 billion worth of Bitcoin in its treasury.</p>
<p>Traders also anticipate that the U.S. Federal Reserve will cut interest rates in 2024 due to ongoing inflation, and low rates are historically favorable for risky assets such as technology stocks and cryptocurrencies. However, as warned in CryptoQuant’s report, current investors are sitting on large unrealized gains, which could lead to price declines in the short term.</p>
<p>Analysts noted, “Short-term Bitcoin holders are experiencing high unrealized profit margins, and there are some risks of price corrections historically preceding large corrections,” emphasizing a possible scenario of a decline before the end of the year. Bitcoin, rallying more than 180% since the beginning of the year, could potentially create a scenario for a possible downturn before the end of the year.</p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com/bitcoin-short-medium-and-long-term-price-expectations-revealed-by-analysts/">Bitcoin Short, Medium, and Long-Term Price Expectations Revealed by Analysts!</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com">COINOTAG NEWS</a>.</p>
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Bitcoin Short, Medium, and Long-Term Price Expectations Revealed by Analysts!

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