{"id":510993,"date":"2024-04-23T08:07:18","date_gmt":"2024-04-23T08:07:18","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=510993"},"modified":"2024-04-23T13:57:57","modified_gmt":"2024-04-23T13:57:57","slug":"fidelity-revises-down-medium-term-outlook-for-bitcoin-to-neutral-short-term-outlook-remains-positive","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/fidelity-revises-down-medium-term-outlook-for-bitcoin-to-neutral-short-term-outlook-remains-positive","title":{"rendered":"Fidelity Revises Down Medium-Term Outlook For Bitcoin To ”Neutral,” Short-Term Outlook Remains Positive"},"content":{"rendered":"

Fidelity Digital Assets has downgraded its medium-term outlook for Bitcoin from “positive” to “neutral” after a significant price increase during the first quarter.<\/p>\n

In its latest Signals report<\/a>, Fidelity said the Bitcoin Yardstick, used to assess whether Bitcoin is undervalued and similar to a price\/earnings ratio for stocks, was at between negative one and zero deviations from the mean for 51% of the first quarter.<\/p>\n

That shows that BTC is no longer undervalued and is trading at “fair value,” Fidelity says. But it noted that a higher deviation, showing relatively expensive Bitcoin, has “historically preceded bull markets.”<\/p>\n

The ratio is achieved by dividing Bitcoin’s market cap with its hash rate.<\/p>\n

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Where are we at in the digital asset cycle? <\/p>\n

Our latest Signals report just dropped and we changed a couple of our outlooks for #bitcoin<\/a>. <\/p>\n

Most notably the mid-term outlook is now \"Neutral\" from \"Positive\" last quarter. Why?https:\/\/t.co\/Dx042hZlzV<\/a><\/p>\n

— Chris Kuiper, CFA (@ChrisJKuiper) April 22, 2024<\/a><\/p><\/blockquote>\n