Analyst Austin Hilton discussed his latest Bitcoin price prediction and the latest positive news in the cryptocurrency market. Bitcoin and the overall cryptocurrency market have experienced an uptick, with Bitcoin up nearly 5% at the time of this writing.
He said a significant factor contributing to the surge was the positive news on the PCE Federal Reserve report, which exceeded expectations. The report, which is essential to the Federal Reserve’s interest rate decision, showed a 2.9% increase, 3% higher than expected. This news had a positive impact on the cryptocurrency market, leading to a rise in prices.
Hilton shared his Bitcoin price prediction, suggesting that Bitcoin could reach $43,000 in the near term. But he also cited historical patterns, noting that Bitcoin tends to experience slumps before halvings. With the Bitcoin halving expected in April, a temporary price drop is possible.
Regarding downside risks, Hilton cited the possibility of Bitcoin falling into the $33,000 range, emphasizing that such levels could provide buying opportunities. He said he would be willing to buy more Bitcoin on a long-term basis, especially if the price reaches that level.
Analyst Rect Capital Although the recovery was as expected, they noted that Bitcoin would need a weekly close above the low of the $41,300 range to gain range. The current situation may be a temporary upward deviation within the range for which there is no clear evidence yet. The upcoming weekend is expected to be interesting in terms of market forecasts.
“If Bitcoin turns the existing Range Low of ~$41300 into new resistance, Bitcoin will fully confirm the breakdown of that range,” he wrote. As of this writing, Bitcoin is up more than 1% and trading close to the $42,000 level.