WOO X Research revises BTC price prediction and Q2 industry outlook, one day before BTC Halving
19 Abril 2024 - 5:31AM
WOO X Research, a dedicated division of global crypto exchange WOO
X, dedicated to impartial crypto market analysis, has revised its
Q2 predictions one day before the imminent Bitcoin halving.
In its latest report titled "WOO X Research Q1
Summary and Alpha Outlook for Q2," the firm highlights Bitcoin's
notable surge in Q1, rising from $42,283 to a peak of $73,777,
reflecting a 74.4% increase. Key driving factors included the
launch of BTC spot ETFs, the Bitcoin halving, and expectations of
Federal Reserve interest rate cuts.
In addition to outlining the potential impacts
of the halving, the report delves into other key narratives shaping
the cryptocurrency landscape this quarter, including AI, Meme
coins, Staking, and BTC-layer2 technologies, among others.
Looking ahead to Q2, WOO X Research anticipates
BTC to undergo corrections before and after the halving, with
sustained inflows into BTC spot ETFs expected to drive prices
beyond previous highs.
The report states: “It is anticipated that BTC
will exhibit volatile trends with false breakouts before and after
the halving. A possible concerning scenario to watch out for is if,
after the halving optimism fades, BTC drops below the
$66,000-$67,000 range, potentially leading to a further decline
towards the previous low range of $60,770-$62,260."
Furthermore, the report suggests that BTC could
target $80,000 in Q2 following the correction despite a flash crash
on April 14th. BTC remains within a large oscillation range of
$62,000-$71,800. External factors such as geopolitical tensions
often influence short-term supply and expectations of BTC.
WOO X Research concludes: "For now, we maintain
the forecast of BTC rising to $80,000 in Q2, while cautiously
monitoring off-market news for potential impacts on BTC
prices."
DOWNLOAD THE FULL Q1 REPORT AND Q2
OUTLOOK HERE
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