Fidelity Digital Assets releases a comprehensive short-term and long-term outlook report for Bitcoin (BTC) and Ethereum (ETH), giving investors further confidence to pour money into their Fidelity Wise Origin Bitcoin ETF (FBTC). The latest inflows to FBTC spot Bitcoin ETF clearly show the impact of the outlook report.
FBTC saw a $130 million inflow on February 7, with a total inflow of $145 million from 10 spot Bitcoin ETFs.
Fidelity Digital Assets breakdown key market metrics that are impacting Bitcoin (BTC) and Ethereum (ETH) prices and investor sentiment in a 22-page report. As per the top cryptocurrencies’ performance until Q4 2023, on-chain metrics, and other signal indicators Bitcoin forecasts for 2024, next five years, and beyond 5 years remain ‘positive’. However, Ethereum’s mid-term outlook is ‘neutral’ while short-term outlook is ‘positive’.
For short-term Bitcoin prediction, Fidelity used factors such as 200-day moving average, golden cross and death cross, and current price greater than realized price. Moreover, Fidelity’s bullish market prediction for 2024 depends on 3 key factors interest rates, Bitcoin halving, and success of spot Bitcoin ETF.
For the mid-term outlook until 2028, NUPL ratio (neutral), MVRV Z-Score, Reserve risk, Stock-to-flow, Puell Multiple, Hodler net position change, Addresses in profit (negative), and Bitcoin yardstick (neutral) were analyzed. Most metrics are positive for Bitcoin price.
For long-term (above 5 years), price above 200-week, monthly address metrics, new address momentum, Liquid vs. illiquid supply, balance is more than 0.1 BTC. All conditions are met for positive outlook on it.
Similar 200-day moving average, golden cross and death cross, and current price greater than realized price for short-term ETH price prediction.
For the mid-term outlook until 2028, Fidelity analyzed NUPL ratio, MVRV Z-Score, percent of addresses in profit (negative), and Pi cycle top indicator (neutral).
Monthly address metrics, new address momentum, Addresses over $1K (neutral), Staking by numbers (neutral), Net issuance and burn rate were the metrics analyzed for long-term ETH price prediction.
Fidelity has also noted that Bitcoin’s post-halving price appreciation declining steadily declining in terms of absolute percentages. A growing Bitcoin market cap, frequent trades, and less BTC availability are some key factors reducing the post-halving rally.
BTC price jumped nearly 5% in the past 24 hours, with the price currently trading at $44,465. The 24-hour low and high are $42,845 and $44,728, respectively. Furthermore, the trading volume has increased by 40% in the last 24 hours, indicating a rise in interest among traders.
10x Research CEO and analyst Markus Thielen predicted an upcoming Bitcoin (BTC) price rally as wave 5 begins. He forecasts Bitcoin reclaiming 50,000 level by the end of this quarter.
Meanwhile, ETH price also climbed 3% in the last 24 hours, with the price now trading at $2417. The 24-hour low and high are $2,353 and $2,442, respectively. Ethereum rising in response to Dencun upgrade and spot Ethereum ETF hype.
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