{"id":85426,"date":"2023-10-06T15:40:31","date_gmt":"2023-10-06T12:40:31","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=85426"},"modified":"2025-09-12T23:15:28","modified_gmt":"2025-09-12T20:15:28","slug":"expert-forecasts-an-inactive-bull-market-for-bitcoin","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/expert-forecasts-an-inactive-bull-market-for-bitcoin\/","title":{"rendered":"Expert forecasts an ‘inactive’ bull market for Bitcoin"},"content":{"rendered":"
ByteTree Asset Management raised the market signal for Bitcoin from neutral to bullish as digital gold becomes a safe haven from losses in trading US stocks and Treasuries.<\/p>\n
“Bitcoin futures look good, especially when compared with the bond market crisis,” Morris wrote in the firm’s analytical report.<\/p>\n
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He noted that the first cryptocurrency outperforms the US stock market while rising bond yields hurt other traditional sectors. When interest rates peak and the bond sell-off ends, digital gold will enter the fray, the analyst says.<\/p>\n
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“First and foremost, Bitcoin is a genuine safe haven from Uncle Sam’s bonds,” Morris stressed.<\/p>\n
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He noted that during the latest correction the asset held above the key $25,000 level, which from May 2022 to March 2023 served as a resistance.<\/p>\n
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“If we can hold $25,000, which we are likely to manage to do, Bitcoin will be in a bull market, albeit inactive,” Morris says.<\/p>\n
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Ledn’s chief investment officer John Glover, in comments to CoinDesk, also forecast growth for the leading cryptocurrency in the near term. However, he believes the move will be short-lived due to a lack of fresh money entering the market.<\/p>\n
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“I believe Bitcoin prices in three months will be higher than today, because technically we have completed the sell-off. But I expect a sustainable uptrend in the second quarter of 2024,” he said.<\/p>\n
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Analyst Edward Moya of OANDA was more pessimistic about the near-term prospects for digital gold. By his words, the asset remains in a ‘trap of its own making’ from $26,000 to $30,000.<\/p>\n
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“What prevents Bitcoin investors from becoming more optimistic is that the selling in the bond market refuses to end, and this will harm many crypto startups,” he added.<\/p>\n
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