Bitcoin: Local Positive, but Potentially Sideways for the Year

Fundamental Analysis

The external environment in the financial markets remains mixed. Traders have tighter financial conditions due to higher rates and waning economic growth on one side of the scale. On the other side is the demand for purchasing power insurance for capital due to the highest inflation in two generations. Weighing these factors, Galaxy Digital head Mike Novogratz said bitcoin would continue to trade in a sideways range this year. He said BTC will resume growth and reach $500K by 2025 as inflation curbing measures are too weak.

Bitcoin: Local Positive, but Potentially Sideways for the Year

Piyush Gupta, chief executive of Singapore’s largest bank, DBS, said cryptocurrencies could be an alternative to gold but would not be able to fit into the traditional financial system due to excessive volatility.

by Alex Kuptsikevich, the FxPro senior market analyst.

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