Fidelity: Due to the potential increase in selling pressure, the mid-term outlook for Bitcoin has been revised from "positive" to "neutral"

After the first quarter, Fidelity revised Bitcoin's medium-term outlook from "positive" to "neutral", citing indicators suggesting that Bitcoin is no longer considered "cheap" under potential selling pressure. In the Signals report, Fidelity Digital Assets referred to the Bitcoin Yardstick or Hashrate Yardstick indicator, which deviated between negative one and zero from the 51% mean value in the first quarter. This means that "not a single day in the first quarter was bitcoin considered 'cheap'". Fidelity stated that this indicates that Bitcoin's current trading price is a "fair value", and adjusted its medium-term outlook for Bitcoin to neutral. Other indicators cited by the company also increased its neutral outlook as long-term holders are increasing selling pressure while 99% of addresses are profitable, which could potentially stimulate sales.