Bitcoin Price Prediction as BTC Bounces Up from $25,800 Support Level – Where is the Next BTC Target?
As Bitcoin experienced a bounce-back from the $25,800 support level, investors are eagerly anticipating the next move for the leading cryptocurrency.
With market sentiment shifting, experts are now examining the potential price targets and forecasting Bitcoin's trajectory in the near future.
Stay tuned to discover the latest insights on Bitcoin's price prediction and where it may be headed next.
Bitcoin is trading at 26,829, increasing by 1.88% on Saturday. After declining for 8 consecutive sessions, BTC/USD prices finally started to recover losses mainly because of price correction.
Jurrien Timmer, the Global Macro Director of Fidelity Investments, suggests that Bitcoin is now closely aligned with gold, but he warns of a potential overvaluation around the $30,000 level.
Timmer's analysis reveals two negative correlations: one between Bitcoin and the two-year real TIPS yield at 88%, and the other at 63% between Bitcoin and the PCE-derived real rate.
Drawing from data since 2018, this correlation study compares Bitcoin to gold in terms of their response to actual rate factors. Timmer also highlights Bitcoin's role as a powerful inflation hedge, akin to gold.
According to Michael Saylor, the Executive Chairman of MicroStrategy, one of the reasons individuals acquire Bitcoin is because they consider it a moral obligation and a vital asset for society.
Saylor argues that traditional money is in a state of decline and highlights instances of financial turmoil in Africa, South America, and Asia.
Even well-established fiat currencies are facing uncertain futures, according to Saylor. He believes that banks and fiat currencies are losing public trust due to increasing inflation and a crisis of confidence.
Saylor believes that people
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