According to Bernstein analysts, the current levels point to the ideal time to return to the cryptocurrency market. A clear answer was given to the question of ‘Which cryptocurrency to buy’…
Cryptocurrency to buy now, according to Bernstein analysts
Analysts from the American private wealth management company Bernstein evaluated the current investment opportunities in the cryptocurrency market. According to experts, there are much brighter days ahead for Bitcoin. They argue that the ongoing US banking crisis is Bitcoin’s gain.
Analysts speculate that the US banking crisis could be the catalyst that eventually pushed Bitcoin to mainstream adoption. In their opinion, the troubles of banks will feed a “new crypto cycle.”
In a note seen by CNBC on Wednesday, Bernstein analysts Gautam Chhugani and Manas Agrawal said, “The safe-haven signal will lead to a new crypto cycle forcing crypto wallets as savings accounts. “The gap between Treasury rates and bank deposit rates will continue to drain banks as weak balance sheets lead to a new mass migration to money markets.”
“To save the ship, the Fed will have to reapply to devaluation of the dollar and monetary pressure, restoring Bitcoin’s role as digital gold,” they added.
Bitcoin has gained 75% since the beginning of the year
Both analysts predict that 2023 will be a year in which personal wallets are overscaling and growing. However, Bernstein was previously confident about the future of crypto. Earlier this month, the firm suggested that the collapse of FTX triggered the latest surge in crypto markets.
It’s not just analysts who are feeling bullish. Crypto investors have had an overall positive 2023 so far. The price of Bitcoin is trading at around $29,000, up about 75% since the beginning of the year. Optimistic voices are rising, but caution is being exercised about BTC volatility.
Earlier this week, a researcher at Standard Chartered claimed that the market recession known as the “crypto winter” is over. Geoff Kendrick, head of digital asset research at Standard Chartered, predicts that Bitcoin could reach $100,000 by the end of 2024. cryptocoin.com We have included the details of the report in this article.
How strong are BTC bulls for $30,000?
Bitcoin price took a sharp turn after surging to $30,000 on April 26. It dropped below $27,000 in less than an hour. Later, we saw that the short positions were liquidated. This, in turn, raised the price of BTC again.
Investors are also wondering about the possible effects of the 2024 Bitcoin halving on BTC price. In this regard, we have conveyed the current predictions of the well-known crypto analyst PlanB. Some BTC proponents like Robert Kiyosaki are confident that it will go much higher than its price.
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