The Danish bank Saxo Bank has been very optimistic about crypto-currency growth this year. His last Quarterly Outlook published on April 18th, announced the start of a new period of growth for cryptocurrency prices. The second quarter of 2018 would be "a stepping stone" to further increases.
Bullish outlook for cryptocurrencies
The highly influential investment bank has hired a cryptocurrency analyst to allow him to have a written section entitled "Do cryptocurrencies enter a new cycle? "
Analyst Jacob Pouncey of the bank's internal team of strategists, SaxoStrats, has assumed that crypto-assets are actually entering a new cycle.
https://twitter.com/SaxoStrats/status/986610587634454528
"Historically, most prime crypto-currencies have seen price increases in the face of global uncertainty and risky events such as Brexit, the election of President Trump and North Korean missile testing," he stressed.
The influx of institutional capital into the cryptocurrency market due to increased regulation and investor protection could lead to a positive quarter."In addition to the potential increase in regulation leading to further declines in the near term, the massive sale of crypto-currencies, including MtGox's Bitcoin Cash, could create continued market pressure," wrote Pouncey. .The pro-Bitcoin institution has assumed that global political uncertainties that led to tightening access to credit and volatility of commodities, contributed to a new inflow of money into the cryptocurrency markets.
However, several events could serve as a stepping stone to a second-quarter crypto-currency bull market, either through fundamentals or simply self-fulfilling prophecy.Saxo Bank is based in Copenhagen, its products include online trading on term spreads, the fund, bonds, CFDs, stocks and currencies. In general, it is aimed specifically at around one hundred institutional financial companies around the world. The bank claims to manage $ 12 billion a day with customers scattered in 180 countries.
Will optimistic forecasts be made?
The financial institution is known for speculating on the course of bitcoin . In 2016, when the price of the first cryptocurrency was between $ 450 and $ 950, analysts expected increases of $ 2,100 for 2017. At that time, Saxo Bank was one of those that started "scandalous predictions. "In recent weeks, a growing number of companies are forecasting an uptrend in the digital currency market. Although Bitcoin has lost 70% of its value since last December, more than 10 forecasts have been optimistic this year.
The trend of recent days confirms, in any case for the moment, this forecast.
Kay Van-Petersen of Saxo Bank has shot high with a $ 100,000 prediction before the start of 2019.
The sheer excitement of virtual currencies reinforces Pouncey's entrenchments. He concluded that the current lateral cycle should give way to optimism.
"In my opinion, we will end up with a negative cryptocurrency cycle, because a lot of weak hands (the panicked ones) have been shaken by the bear market and the rest of the investors are ready to start, after this year's bad luck, " he added.What do you think of Saxo Bank's forecast of cryptocurrency prices? Let us know in the comments section below.
Posted from my blog with SteemPress : https://infos.link/saxo-bank-expects-bullish-cryptocurrency-trend-for-next-3-months/