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 <p>Fidelity Digital Assets has downgraded its medium-term outlook for Bitcoin from “positive” to “neutral” after a significant price increase during the first quarter.</p>
 <p>In its latest Signals report, Fidelity said the Bitcoin Yardstick, used to assess whether Bitcoin is undervalued and similar to a price/earnings ratio for stocks, was at between negative one and zero deviations from the mean for 51% of the first quarter.</p>
 <p>That shows that BTC is no longer undervalued and is trading at “fair value,” Fidelity says. But it noted that a higher deviation, showing relatively expensive Bitcoin, has “historically preceded bull markets.”</p>
 <p>The ratio is achieved by dividing Bitcoin’s market cap with its hash rate.</p>
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
  <p lang="en" dir="ltr">Where are we at in the digital asset cycle?</p>
  <p>Our latest Signals report just dropped and we changed a couple of our outlooks for #bitcoin.</p>
  <p>Most notably the mid-term outlook is now "Neutral" from "Positive" last quarter. Why?https://t.co/Dx042hZlzV</p>
  <p>— Chris Kuiper, CFA (@ChrisJKuiper) April 22, 2024</p>
 </blockquote>
 <p></p>
 <p>The report further says that the percentage of Bitcoin addresses in profit surpassed 99% by the end of the first quarter, suggesting a sell-off was more likely as investors look to take profits.</p>
 <h2 id="bitcoin-s-short-term-outlook-remains-positive">Bitcoin’s Short-Term Outlook Remains Positive</h2>
 <p>Fidelity noted that Bitcoin’s 50-day moving average remained above the 200-day SMA during the first quarter, creating a “golden cross.” This indicates a strong bull market and a positive outlook for the short term.</p>
 <p>Small investors with holdings of at least $1,000 have continued to accumulate BTC, pointing toward high demand, it said. These small addresses are at all-time high levels, and could drive the price action, it added.</p>
 <p>The Bitcoin price has soared more than 50% so far this year and is up around 3% since the Bitcoin halving. It was trading at $66,175 at 05:49 a.m. EST.</p>
 <h3 id="also-read">Also Read:</h3>
 <ul>
  <li>Bitcoin Price Prediction: Fidelity Says BTC Is ”No Longer Cheap” As Traders Flock To This Learn-2-Earn ICO For Parabolic Potential</li>
  <li>Victory Securities Unveils Fee Structure for Upcoming Bitcoin and Ether ETFs</li>
  <li>Only Five Days Remain To Invest In Bitcoin Minetrix’s $13 Million Presale Before Post-Halving Price Changes</li>
 </ul>
 <p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/fidelity-revises-down-medium-term-outlook-for-bitcoin-to-neutral-short-term-outlook-remains-positive-tbt86233.html">https://thebittimes.com/fidelity-revises-down-medium-term-outlook-for-bitcoin-to-neutral-short-term-outlook-remains-positive-tbt86233.html</a></p>
</div>

Fidelity Revises Down Medium-Term Outlook For Bitcoin To ”Neutral,” Short-Term Outlook Remains Positive

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