- Fidelity Digital Assets has released a comprehensive short-term and long-term outlook report for Bitcoin (BTC) and Ethereum (ETH).
- Fidelity Digital Assets details Bitcoin (BTC) and Ethereum (ETH) prices and key market metrics influencing investor sentiment in a 22-page report.
- For the mid-term outlook until 2028, Fidelity analyzes NUPL ratio, MVRV Z-Score, percentage of addresses in profit (negative), and Pi cycle top indicator (neutral).
Investment giant Fidelity’s subsidiary, Fidelity Digital Assets, has published predictions for Bitcoin and Ethereum prices.
Fidelity Prepared Forecasts for Bitcoin and Ethereum
Fidelity Digital Assets has released a comprehensive short-term and long-term outlook report for Bitcoin (BTC) and Ethereum (ETH), providing investors with an additional reason to trust Fidelity Wise Origin Bitcoin ETF (FBTC) funds. The recent entries into spot Bitcoin ETFs for FBTC clearly demonstrate the impact of the outlook report. On February 7th, FBTC saw an entry of $130 million, contributing to a total entry of $145 million across the 10 spot Bitcoin ETFs.
Fidelity Digital Assets details Bitcoin (BTC) and Ethereum (ETH) prices and key market metrics influencing investor sentiment in a 22-page report. The performance of top cryptocurrencies until the fourth quarter of 2023, along with Bitcoin predictions for 2024, the next five years, and beyond, remains ‘positive’ based on on-chain metrics and other signal indicators. However, Ethereum’s mid-term outlook is ‘neutral,’ while its short-term outlook is ‘positive.’
For the short-term Bitcoin prediction, Fidelity considers factors such as the 200-day moving average, golden cross and death cross, and factors where the current price exceeds the realized price. Additionally, Fidelity’s bullish market prediction for 2024 relies on three main factors: interest rates, Bitcoin halving, and the success of the 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 Mayer Multiple (neutral) are analyzed. Most metrics for Bitcoin price are positive.
For the long term (5 years and beyond), factors such as price above the 200-week average, monthly address metrics, new address momentum, non-liquid supply against liquidity, and cases with a balance of more than 0.1 BTC all contribute to a positive outlook.
Ethereum Prediction Signals
Similarly, for the short-term ETH price prediction, factors such as the 200-day moving average, golden cross and death cross, and the current price exceeding the realized price are considered. For the mid-term outlook until 2028, Fidelity analyzes NUPL ratio, MVRV Z-Score, percentage of addresses in profit (negative), and Pi cycle top indicator (neutral). Monthly address metrics, new address momentum, addresses with more than $1K (neutral), Stake counts (neutral), Net issuance and burn rate are metrics analyzed for the long-term ETH price prediction.
BTC and ETH Price Movement
Fidelity mentioned that the percentage gains for Bitcoin after halving have steadily declined in absolute percentages. Growing market capitalization of Bitcoin, frequent transactions, and decreasing BTC supply are some fundamental factors diminishing the impact of halving rallies.
The BTC price has increased nearly 5% in the last 24 hours and is currently trading around $44,800. The 24-hour lows and highs are $42,845 and $44,854, respectively. Moreover, the trading volume has increased by 40% in the last 24 hours, indicating increased interest among traders.
Markus Thielen, CEO and analyst at 10x Research, predicted that Wave 5 has started, and by the end of this quarter, Bitcoin will reclaim the $50,000 level. Meanwhile, the ETH price has also increased by 3% in the last 24 hours and is currently trading at $2,424. The 24-hour lows and highs are $2,353 and $2,442, respectively. Ethereum rose in response to the Constantinople upgrade and excitement about the spot Ethereum ETF.
