Bitcoin performed strongly in 2023, with a gain of over 180% during the year. Supported by a series of bullish factors such as halving and the approval of a spot ETF, CryptoQuant predicts that BTC may experience a short-term correction but has the potential to surge to $160,000 in the next cycle.
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BTC is expected to reach $160,000
Caution for short-term BTC correction
BTC is expected to reach $160,000
CryptoQuant, a crypto analysis firm, shared a report with CoinDesk stating that the bullish factors of Bitcoin will push its mid-term target to $50,000. These bullish factors include:
Market valuation cycle
Recovery of on-chain activities
Halving of block rewards
Macro-economic outlook
Approval of Bitcoin spot ETF
Continued growth of stablecoin liquidity
CryptoQuant suggests that the mid-term target could reach $54,000, and the cycle high could reach $160,000.
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Caution for short-term BTC correction
CryptoQuant also warns in the report that due to the existence of unrealized profits among short-term investors, caution should be exercised regarding the risk of price correction in the short term.
Analysts state:
Considering that short-term Bitcoin holders are experiencing higher unrealized returns, historically, this situation often occurs before a price correction. Therefore, there is some risk of price adjustment for Bitcoin.
BTC
CryptoQuant
Bitcoin spot ETF
Further reading:
Phantom Wallet now supports Bitcoin network, allowing users to purchase BRC-20 and Ordinals
Arthur Hayes: “US-made” Bitcoin spot ETF is crucial for Bitcoin trading