Bitcoin and altcoins corrected after the rise in early December and have been moving in a certain range since then.
While some analysts stated that the correction was over and these levels were the bottom, the latest analysis came from CryptoQuant.
At this point, CryptoQuant said that the increasing optimism and expectation for spot Bitcoin ETFs will positively affect the BTC price and the price could rise up to $160,000.
Speaking to Coindesk, CryptoQuant analysts stated that catalysts centered around the BTC price could push Bitcoin to $50,000 in the short term.
“Catalysts such as anticipated demand for a spot Bitcoin ETF in the US, expectations for interest rate cuts, and the upcoming halving could push Bitcoin prices to at least $50,000 on-chain in the short term.
In this context, we argue that Bitcoin and crypto markets can have a positive year in 2024, mostly due to the following effects.
These effects; We can list them as 1- Network activity, 2- Bitcoin halving, 3- Expectation of improvement in the macroeconomic outlook, 4- Expectation for the spot Bitcoin ETF and 5- increasing stablecoin liquidity.
“On-chain valuation and network metrics show that Bitcoin is doing well in the bull market and in the medium term Bitcoin could rise to $54,000 and in the long term it could rise to $160,000 as the top of this cycle price.”
Bitcoin continues to trade at $42,746 at the time of writing.
*This is not investment advice.
