Analysis of Bitcoin market trends after the Spring Festival
Looking back at the market situation before the Spring Festival:
Before the Spring Festival in 2024, the price of Bitcoin experienced a strong rise, rising from US$38,545 to US$52,859, an increase of more than 37%.
This rise is mainly due to the following reasons:
Expectations for the Federal Reserve to raise interest rates have slowed, the U.S. dollar index has fallen, and risk assets have generally recovered.
Macroeconomic data shows that the risk of recession in the United States has declined, and investors are more optimistic about the economic outlook.
Cryptocurrency market sentiment is picking up, with more institutional investors entering the market.
Market forecast after the Spring Festival:
After the Spring Festival, the Bitcoin market may have the following trends:
1. Continue to rise:
If the Fed slows down its rate hikes and the macro economy remains stable, Bitcoin prices may continue their upward trend.
The target could be above $55,000 and even challenge $60,000.
2. Shock finishing:
If market sentiment diverges, Bitcoin prices may fluctuate within the current range.
The range is likely to be between $48,000 and $55,000.
3. Retracement decline:
If expectations of the Federal Reserve raising interest rates increase and risk assets generally fall back, Bitcoin prices may fall during a correction.
The correction could range from 10% to 20%.
Influencing factors:
Federal Reserve Monetary Policy
macroeconomic data
Cryptocurrency market sentiment
Institutional investor trends
Investment Advice:
After the Spring Festival, investors can pay attention to the following aspects:
Federal Reserve Monetary Policy Meeting Minutes
U.S. nonfarm payrolls data
Cryptocurrency market trading volume
Institutional investor position report
Investors are advised to control risks and not blindly chase the rise or fall.
Please note that the above are only personal opinions and do not constitute investment advice. Investors should make investment decisions based on their own circumstances.
