Bitcoin Price Prediction: Fidelity Says BTC Is ”No Longer Cheap” As Traders Flock To This Learn-2-Earn ICO For Parabolic Potential
The Bitcoin price has soared 5% in the past week and 0.5% in 24 hours to trade for $66,536 as of 02:30 a.m. EST. This comes as fund manager Fidelity says BTC is ‘no longer cheap’. Revising its medium-term outlook from positive to neutral after the first quarter (Q1), the firm cited several indicators that point to a build up of selling pressure. Fidelity’s Signals Report used the Hashrate Yardstick metric, which is similar to the price-to-earnings ratio for stocks, to assess BTC’s value. The firm’s director of research Chris Kuiper explained the stance in a post on X on April 23. Where are we at in the digital asset cycle? Our latest Signals report just dropped and we changed a couple of our outlooks for #bitcoin. Most notably the mid-term outlook is now "Neutral" from "Positive" last quarter. Why?https://t.co/Dx042hZlzV — Chris Kuiper, CFA (@ChrisJKuiper) April 22, 2024 Bitcoin Price Is No Longer Cheap, But Fidelity Remains Bullis...