Analysts Explained the Source of the Latest Rise in Bitcoin and Ethereum: “These Two Factors Triggered the Rise!”

While Bitcoin has made a strong debut in the last 24 hours, today it exceeded the $ 45,000 level for the first time since January 12.

Evaluating the rise in Bitcoin, QCP Capital analysts stated that there are two reasons for the rise.

Analysts stated that BTC’s lowest level was $ 38,500 and Ethereum was moving upwards from $ 2,165, and said that there were two main reasons for this rise.

Stating that the first reason is the decrease in Grayscale’s GBTC outflows and net positive BTC spot ETF inflows, QCP Capital analysts stated that the second reason is the strong price movement in US stocks.

“Despite a hawkish Fed (Powell pushing back expected interest rate cuts in March) and rising US yields due to strong lead inflation data NFP in February (353k announced, 180k expected), companies like NVDA and META are reporting strong earnings.” “U.S. stocks continue to outperform, which is positive for crypto.”

Analysts who expect the rise in BTC and ETH to continue said, “Following this bullish sentiment, it is likely that BTC and ETH will continue to rise with the positive narratives of the BTC halving and ETH spot ETF.”

Stating that there were large purchases at the levels where BTC accumulated during this correction, analysts said, “If an increase is expected towards the end of the year, these levels are great levels to take long positions. In addition, BTC and ETH futures are becoming attractive again.” said.

*This is not investment advice.

Source