Bitfinex Says Bitcoin Nears Bear-Market Exit, Could Top $70,000
JH Kim
Summary
- Bitfinex said two of the three conditions needed for Bitcoin (BTC) to emerge from its bear market have been met.
- Bitfinex said that, in addition to expectations for interest-rate cuts and easier financial conditions, capital from the tech hardware and artificial intelligence (AI) markets needs to shift into digital assets.
- Bitfinex added that Bitcoin could break above $70,000 if fund flows are favorable, but could fall to $57,000 if they remain negative.
Forecast Trend Report by Period
Bitcoin has met two of the three conditions needed to emerge from a bear market, according to Bitfinex.
In a report cited by crypto-focused media outlet CryptoPotato on Aug. 18, Bitfinex said expectations for interest-rate cuts and easier financial conditions have already been met.
The final condition is for capital that has flowed into the tech hardware and artificial intelligence markets to shift into digital assets. Such inflows would naturally support gains in Bitcoin, the exchange said.
Bitfinex said Bitcoin could rise back above $70,000 if fund flows turn favorable for the digital-asset market. If flows remain negative for an extended period, it could fall to about $57,000.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.