At the time of writing, the Bitcoin price had reached a new 2023 peak of $49,499, and buyers were maintaining strong positions. Those who predicted Bitcoin’s price would fall back below $30,000 were mistaken. BTC price has now returned to its December 2021 levels, leaving the bear market’s harrowing days behind. Let’s take a look at the latest BTC outlook and KAS Coin price predictions.
Bitcoin Price Analysis Report
A report published today by Bitfinex examines the current state of the markets. According to the report, the slowdown in sales of Grayscale’s GBTC funds is seen as a fundamental bullish motivation. Moreover, the potential strengthening of ETF demand as the BTC price rises is also exciting. The report discusses expectations and states:
“Indeed, the assets of new BTC ETFs are now larger than those of MicroStrategy, and we expect the inflows to continue. These inflows, combined with the upcoming 2024 Bitcoin halving and the consistently high levels of illiquid supply – over 70% of BTC is in the hands of long-term investors – paint an extremely bullish picture for BTC price movements.
On-chain data also supports the possibility of further Bitcoin appreciation, especially as the MVRV Ratio has risen above its one-year Simple Moving Average. The Short-Term Holder Realized Price is also giving positive signals, as a slower rate of appreciation in this metric indicates a slowdown in profit-taking, suggesting there might be more room for growth according to market consensus.
Meanwhile, the current economic landscape in the US suggests that the likelihood of interest rate cuts in March has decreased, while the probability for May has increased. The latest Senior Loan Officer Opinion Survey shows a slowdown in the tightening of lending criteria across most credit categories, in response to a slight easing in the contraction of credit demand in all categories.
This situation is also reflected in the behavior of businesses and consumers who are reluctant to take on new debt, as evidenced by the sharp decline in consumer credit growth. We believe there is a compelling reason for the Fed to lower interest rates soon, given the shadow cast over consumer spending by high interest rates.
In the crypto sector, new Bitcoin ETFs have reached a new milestone, with their assets surpassing those of MicroStrategy. In parallel with this momentum, the regulatory environment continues to evolve, as evidenced by Hong Kong’s public consultation on a new licensing framework aimed at regulating OTC transactions.
Institutional enthusiasm for crypto investments is reflected in the data from the Chicago Mercantile Exchange, which showed a 35% increase in trading volume in January, following the approval of spot Bitcoin ETFs, contributing to a 42% increase in Bitcoin futures, which reached $73 billion.”
KAS Coin Price Prediction
As the article is being prepared, the BTC price continues to rise, having already reached $49,738. A price increase of over $1,000 in just one hour is promising. But could KAS Coin be profitable for investors focusing on altcoin opportunities?
KAS Coin price gained momentum after rising above the moving averages on February 7th and surpassed the resistance at $0.15. The first support on the downside is at $0.13, and if this continues, the rally could extend to $0.16 and $0.20.
