On April 23rd, Fidelity revised their mid-term outlook on Bitcoin from "positive" to "neutral" after some indicators showed that Bitcoin is no longer considered "cheap" in the face of potential selling pressure.

In their Signals report, Fidelity Digital Assets cited the Bitcoin Yardstick or Hashrate Yardstick indicator, which had an average deviation between negative one and zero from the 51% mark in the first quarter, meaning "there was not a single day in the first quarter where Bitcoin was considered 'cheap'." Fidelity stated that this indicates that Bitcoin's current trading price is "fair value," and adjusted their mid-term outlook to neutral. Other indicators cited by the company also increased the neutral outlook as long-term holders are increasing selling pressure, and 99% of addresses are profitable, which "could stimulate selling."