Benzinga - Financial expert Michele Schneider on Monday discussed the reasons behind her bullish outlook on Bitcoin (CRYPTO: BTC).
What Happened: In an interview with CNBC, Schneider was asked about the target price for Bitcoin.
Michele Schneider makes a bullish case for Bitcoin, with a price target of just under 40K. @TanvirGill2 @marketminute @marketgauge $BTC pic.twitter.com/UPmooxPRFp— CNBC's Street Signs (@StreetSignsCNBC) June 30, 2023
She said, “Right now, I think our next target is at around $38,000 to $39,000. So just under $40,000, which would be another major psychological area for it to clear so we’ll take some profits if it gets up there.”
Schneider acknowledged the positive technical indicators that were present even before the influx of mass adoption announcements, such as the news from Fidelity. She stated, “One reason is just from technical factors even before the mass adoption announcements that we were getting from Fidelity.”
Bitcoin managed to hold steady around the $24,000-25,000 mark, which caught Schneider’s attention.
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Why It Matters: Schneider believes Bitcoin could become increasingly intriguing throughout the rest of 2023 and into 2024.
She added, “I think it’s very bullish in the long term and may get a little ahead of itself now, but we’re thinking by the end of the year and into 2024, Bitcoin could be something very, interesting again, especially since the mainstream might feel more comfortable trading it now through an ETF as opposed to opening up a crypto wallet.”
Michele “Mish” Schneider currently holds the position of Director of Trading Research and Education at MarketGauge.com.
Price Action: At the time of writing, BTC was trading at $30,846, up 1.55% in the last 24 hours, according to Benzinga Pro.
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