A slew of crypto analysts and experts did not see the market correction during the week as a concern and, in fact, raised targets for BTC and other altcoins for the year.
Throughout the past week, the crypto market witnessed phases of high volatility. Bitcoin started the week near the $68,000 mark, recovering from a dip the previous weekend. ETH and SOL also experienced a sharp spike at the time. Mid-week, BTC faced a price retest just below $61,000 with reducing crypto inflows, but it reversed its downward trajectory. Crypto analysts maintained a stable overview of the market even during these phases of a correction.
For instance, analysts from AllianceBernstein, an asset management firm, said, “Given general bull market conditions with strong ETF inflows, low miner leverage, and robust network transaction fees this cycle, the halving impact seems relatively mild on the miners, with dollar revenues cushioned.”
Thus, the dip failed to dent the expectations of such crypto analysts and experts. Others revised targets for Ethereum as well. A poll among market participants expects ETH to reach its all-time high in 2024, with a target of $5,400. Bulls are still cautious about starting a buying spree, but the general consensus in the market seems optimistic.
Moreover, investors could have noticed the ‘extremely greedy’ signals on the Bitcoin Fear and Greed Index. It could have come as a sign to start booking profits. Nevertheless, the upcoming Bitcoin-halving event will likely be a bullish trigger for BTC and other altcoins. The FOMC meeting in the US this week also revealed numbers that are improving for the US economy, which is an uplifting development.
There was a list of events on the regulatory front of the crypto space this week. It ranged from a new digital assets law in a special economic zone of Dubai to the UK FCA’s comments. The UK FCA, a financial regulator, has taken up the issue of crypto market regulation as its chief goal.
The crypto market could receive a huge boost in inflows from the world’s largest pension fund. Japan’s Government Pension Investment Fund is exploring crypto and is deliberating on an investment. Its probable crypto allocation could give cues for other global funds to invest in crypto.
Central bank digital currencies continue to be a chief point of research for central banks. In Sweden, its central bank revealed the results of its e-krona project.
During the week, the following tokens surged the highest:
These tokens registered the highest losses, though:
It could be crucial for BTC price metrics over the weekend to remain positive and sustain a rally. If bulls succeed in maintaining the current BTC price metrics, Bitcoin could hold its support and set the tone for a rally in April 2024. The crypto inflows in the spot Bitcoin ETFs may also be a deciding factor for the market.
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