Blockchain data analysis company CryptoQuant shared in a report with CoinDesk on Wednesday that the expected demand for Bitcoin from several US spot ETFs, upcoming halving, and the broader stock market growth in the context of interest rate cuts may support the Bitcoin price to at least $50,000 in the short term.
Analysts at CryptoQuant stated:
The company indicated that based on on-chain valuations and network indicators, Bitcoin is still in a bull market, with a mid-term target price of $54,000 and the price top of this cycle possibly being $160,000.
However, CryptoQuant warned in the report that due to recent investors obtaining significant unrealized gains, there is a possibility of a price decline in the short term. Analysts stated:
According to TradingView data, the price of Bitcoin was around $16,500 at the beginning of the year, and the trading price at the time of writing was $42,799, representing a 160% increase year-to-date.
Bitcoin price trend from the beginning of 2023 to present (source: TradingView)