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Home»BITCOIN NEWS»Bernstein Analyst Predicts When Bitcoin Price Will Turn Bullish Again
BITCOIN NEWS

Bernstein Analyst Predicts When Bitcoin Price Will Turn Bullish Again

By Crypto FlexsAugust 6, 20243 Mins Read
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Bernstein Analyst Predicts When Bitcoin Price Will Turn Bullish Again
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Bernstein Analyst Gautam Chhugani, Mahika Sapra, and Sanskar Chindalia have provided insight into when Bitcoin price could turn bullish again and hit new highs. The analysts also Former US President Donald Trump It could influence the future direction of Bitcoin.

When Bitcoin Price Turns Bullish Again

Bernstein analysts noted in an August 5 research note that as stock markets recover, they expect bitcoin and the broader cryptocurrency market to recover as well. Federal Reserve SystemThey expect this response to take the following form: Interest rate cut Inject more liquidity into the economy.

These analysts noted that the recent cryptocurrency market crash was not Bitcoin’s fault this time, but rather “stock market fears” and other macroeconomic factors. U.S. stock markets are currently facing massive declines amid concerns that the U.S. economy could fall into a recession.

Because of that Historical correlation Along with these stocks, Bitcoin also experienced a wave of massive selling that began over the weekend, causing the leading cryptocurrency to Fall below $50,000 For the first time since February of this year, the broader cryptocurrency market followed suit, with altcoins experiencing massive price drops.

Chhugani, Sapra, and Chindalia predict that macro factors will continue to influence Bitcoin and cryptocurrency markets for most of this third quarter. guess The Fed may cut rates at its next meeting. FOMC Meeting September is expected to have a positive impact on risky assets, including cryptocurrencies.

Interestingly, market experts such as prominent economist Jeremy Siegel say: called ~ This is a move for an emergency rate cut, in addition to the expected rate cut that could occur in September. However, it is not yet clear whether the Fed will bow to such pressure, especially since it seems unsure whether the US is close to a recession.

The US presidential election is another factor that these analysts expect to impact BTC and the broader crypto market. They expect Bitcoin to remain a “Trump deal” and that the crypto asset will remain range bound until the election is over. If Trump ultimately wins, Bitcoin is expected to react positively, as he is seen as more crypto-friendly than the Democratic presidential candidate. Kamala Harris.

BTC outlook remains bullish

Despite the recent decline, these Bernstein Analyst They remain bullish on Bitcoin in the long term, noting that there are currently no “progressive negatives for cryptocurrencies,” which they hinted at through BTC’s institutional adoption trend. Spot Bitcoin ETFIt offers a bullish outlook as more and more institutional investors adopt the flagship cryptocurrency.

These analysts expect more.Wirehouse Approval As we move into Q3 and Q4, we will see additional on-ramps for asset allocation to Bitcoin.” Powerhouse Morgan Stanley have According to reports The firm said its financial advisors will be able to offer these spot Bitcoin ETFs to wealthy clients starting August 7.

BTC Price Drops Below $55,000 | Source: BTCUSD on Tradingview.com

Featured image from PCMag, chart from TradingView.com

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