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Analysis Company: “The Bull Phase Has Started in Bitcoin”, Shares Price Target
Analysis Company: “The Bull Phase Has Started in Bitcoin”, Shares Price Target
Author:
Mete Demiralp
21.10.2024 – 21:42
Update:
5 hours ago
0
Cryptocurrency analytics firm MarktQuant has released an optimistic market update stating that Bitcoin (BTC) has officially entered a full bullish phase based on its proprietary Bullish/Bearish model that integrates 11 key technical and on-chain indicators.
According to the firm, positive momentum has been building steadily over the past four days and is showing signs of accelerating.
MarktQuant analysts remain confident in Bitcoin’s medium- to long-term outlook, describing it as “strongly bullish.” Fair value models also point to a significant increase in liquidity, largely driven by the expansion of China’s bank balance sheets ($CNBBS). This influx of liquidity is expected to exert upward pressure on Bitcoin in the short to medium term.
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The firm also highlighted the potential for a significant short squeeze, with the firm predicting that the Bitcoin price will target between $73,500 and $81,300. However, MarktQuant warned of increased volatility along the way, urging market participants to exercise caution, especially those holding high-beta or leveraged futures positions.
*This is not investment advice.
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