At the end of 2022, there were far fewer people interested in cryptocurrencies as we were experiencing the devastating days of bear markets. However, after 7 months, the sun has emerged, and cryptocurrencies have turned green. BTC has pushed its all-time high even higher. As a result, many more investors have started to take an interest in crypto again. So, what are the expert analysts’ expectations for cryptocurrencies?
Crypto Currency Analyst Comments
There are only about 10 days left until the Bitcoin block reward halving, and the BTC price continues to be indecisive. According to a research report prepared by Bitfinex analysts, after the halving event, the Bitcoin price will gain over 160% in value, reaching a six-figure price target of $150,000.
“Using a simple regression model, we predict that the price will increase by 160% in the next 14 months after the halving and will reach a range of $150,000 – $169,000.”
As this article is being prepared, the Bitcoin price is at $69,000, and with the nervousness of tomorrow’s inflation data, sellers have once again gained an advantageous position. In our evaluations for this week, we had mentioned that the possibility of inflation data turning out bad for the third time would break spirits.
On Wednesday, just one hour before the US market opens, US inflation data will be announced, and if it is bad again, it will shake the risk markets. Fed members may have dismissed the first two months’ data, but they signaled that the data coming in March would be decisive.
Crypto Bull Predictions
While the Bitcoin price consolidates above $60,000, lingering at these levels poses a potential selling pressure risk with 9.5% of the supply. Strong demand through ETF channels and significant purchases by other investors at current levels increase the likelihood of profit-taking during price rises.
“This situation highlights the active participation of Short-Term Investors at higher prices and reflects the evolving ownership dynamics amidst market activity and institutional influence through spot ETFs. The increasing asset movement indicates a gradual distribution of dormant supply in the cycle and a shift towards profit realization.”
According to Dune, the accumulation pattern of the last two weeks is preparing Bitcoin ETFs to absorb 2.6% of the annual Bitcoin supply.
