Bitfinex Says Bitcoin Near Bear-Market Exit, With $70,000 Break Possible
Summary
- Bitfinex said Bitcoin (BTC) has met two of the three conditions needed to emerge from a bear market.
- Bitfinex said expectations for interest-rate cuts and easier financial conditions have already been met, with capital from the technology hardware and artificial intelligence (AI) markets shifting into digital assets as the final condition.
- Bitfinex said Bitcoin could break above $70,000 if fund flows favor the crypto market, but could fall to around $57,000 if flows remain negative for an extended period.
Forecast Trend Report by Period
Bitcoin has met two of the three conditions needed to emerge from a bear market, crypto-focused media outlet CryptoPotato reported on August 18, citing a Bitfinex report.
Bitfinex wrote that expectations for interest-rate cuts and easier financial conditions have already been met.
The final condition is for capital that flowed into the technology hardware and artificial intelligence markets to shift into digital assets. Such inflows would naturally support a rise in Bitcoin prices, the report said.
Bitfinex expects Bitcoin to climb back above $70,000 if fund flows turn favorable for the crypto market. If those flows remain negative for an extended period, it said Bitcoin could fall to around $57,000.
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