On April 23rd, after Quarter 1, Fidelity revised its medium-term outlook for Bitcoin from "positive" to "neutral", citing indicators that suggest Bitcoin is no longer considered "cheap" amid a possible increase in selling pressure.
In the Signals report, Fidelity Digital Assets cites the Bitcoin Yardstick or Hashrate Yardstick indicator, which has a mean deviation of 51% from Quarter 1 between minus 1 and zero, meaning that "there is not a day in Quarter 1 when Bitcoin is considered'cheap '. Fidelity says this indicates that Bitcoin is currently trading at" fair value "and adjusts the medium-term outlook for Bitcoin to neutral. Other indicators cited by the company also add to the neutral outlook, as long-term holders are ramping up selling pressure, while 99% of addresses are in profit, which" could spur selling ".
Fidelity: Bitcoin medium-term outlook revised from "positive" to "neutral" due to possible increase in selling pressure
2024-04-23 03:51:16
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