CryptoQuant, a blockchain data analytics company, shared in a report with CoinDesk on Wednesday (20th) that the expected demand for Bitcoin from several US spot ETFs, the upcoming halving, and the broader stock market growth in the context of interest rate cuts may support Bitcoin prices to reach at least $50,000 in the short term.
Analysts at CryptoQuant stated:
According to the company, based on on-chain valuations and network indicators, Bitcoin is still in a bull market, with a mid-term target price of $54,000 and a price top for this cycle possibly at $160,000.
However, CryptoQuant warned in the report that prices could still decline in the short term due to investors realizing significant unrealized gains. Analysts stated:
According to data from TradingView, the price of Bitcoin was around $16,500 at the beginning of the year, and the trading price at the time of writing was $42,799, representing a 160% increase year-to-date.
Bitcoin price trend from early 2023 to present (Source: TradingView)
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