Bitcoin faced strong selling pressure after the spot ETF approval and fell to $38,500.
BTC, which started to recover afterwards, rose above $ 44,000 last night after consolidating at the level of $ 42,000.
While this rise excites investors, it remains a matter of curiosity whether the rise will continue.
At this point, Fidelty, the company that manages trillion dollars, published its short and long-term Bitcoin and Ethereum forecast.
Evaluating its performance in the 4th quarter of 2023, on-chain measurements and other indicators together, Fidelity analysts said that BTC and ETH forecasts for 2024 and the next five years are upward.
For the short-term Bitcoin forecast, Fidelity analysts stated that they based their bullish forecasts for 2024 on 3 main factors such as the FED's interest rate cuts, the Bitcoin halving and the success of spot Bitcoin ETFs.
In his long-term, five-year forecast, he said that most on-chain indicators are positive for the Bitcoin price.
He stated that for Ethereum, as for Bitcoin, most on-chain indicators are positive for the price in the short and long term.
“As of the end of the 4th quarter of 2023, data reveals a generally positive outlook for both Bitcoin and Ethereum in the short and long term. Bitcoin closed 2023 with a 154% increase.
“Ether has increased by approximately 90% since the beginning of the year 2023 and there are positive price signals in the short term.”
At the time of writing, Bitcoin is at $44,700 and Ethereum is at $2,420.
*This is not investment advice.