BTC No Longer Cheap, Mid-Term Outlook Revised to Neutral

IconCrypto News Terminal23 Apr, 2024

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BTC No Longer Cheap, Mid-Term Outlook Revised to Neutral

Fidelity Digital Assets, the cryptocurrency division of Fidelity Investments, has revised its medium-term outlook for Bitcoin (BTC) from positive to neutral. According to the firm's latest report, on-chain metrics suggest that BTC was trading at fair value during the first quarter of 2024. However, looking ahead over the medium term, Fidelity argues that BTC is no longer cheap. The report cites several factors for this revised outlook, including the fact that 99% of BTC addresses are currently in profit and a growing number of long-term holders are experiencing unrealized losses. "We believe that these factors indicate that the market is becoming less bullish on BTC in the medium term," the report states. "As such, we are revising our medium-term BTC price outlook from positive to neutral." Previously, on April 22, 2024, Fidelity's report stated that BTC was trading at fair value during Q1 and that there were "signs of a potential bottoming process."

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