Bitcoin (BTC), year-end 85,000~95,000 dollar trading range expected…"Low liquidity limits rebound"
Summary
- Paul Howard said Bitcoin (BTC) could trade in a 85,000~95,000 dollar trading range through year-end.
- He said market low liquidity and the absence of macro variables will limit short-term rebounds through year-end.
- He said that in a Bitcoin stagnation phase, risk appetite could partially shift to altcoins, and a Bank of Japan (BoJ) rate hold could have a favorable impact on risk assets.
Bitcoin (BTC) could hover below 95,000 dollars through year-end, according to a forecast. On the 4th (local time), virtual asset (cryptocurrency) specialist media CoinDesk reported that Paul Howard of Wincent diagnosed that as market liquidity decreases in December, the potential for a short-term rebound may be limited.
Howard expects Bitcoin to move within a trading range of 85,000 to 95,000 dollars through year-end. He said that in the absence of clear macro variables or catalysts, Bitcoin's price could stagnate.
Howard also said that a Bitcoin stagnation phase could create a relatively favorable environment for altcoins. He explained that if Bitcoin's directional strength weakens, some market risk appetite could shift to altcoins.
He singled out the Bank of Japan (BoJ)'s interest rate decision as a key macro event. Howard added that if the BoJ holds rates steady, it could support a recovery in demand for risk assets and provide a favorable trend for Bitcoin, gold, and equity markets.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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