DUBAI, United Arab Emirates, April 19, 2024 (GLOBE NEWSWIRE) -- 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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