July 9, 2021, | AtoZ Markets – The leading cryptocurrency Bitcoin (BTC) seems to have paused its rise for a short time. Many in the community comment that the recent decline is the result of a deep corrective action. While experts say that Bitcoin will continue its journey, bullish predictions continue to grow.
Finally, Mike McGlone, chief commodity strategist of the important financial company Bloomberg, stated that there is a potential for BTC to rise up to about 3 times from its current level.
When will Bitcoin Bitcoin bull season begin?
Bloomberg's chief commodity strategist Mike McGlone shared his predictions for the leading cryptocurrency in his posts on the social media platform Twitter. McGlone revealed the date he thinks the bull season for Bitcoin will resume again. Stating that he believes that the rise will start again in the second half of 2021, the experienced analyst also announced the new target of BTC.
Sharing a chart, the experienced analyst compared brent oil prices with Bitcoin's volatility. The economist believes that in the second half of this year, Bitcoin will start a bull run again and continue to move towards the $100,000 price level.
McGlone also expects crude to start falling to $50 from the current price of $72.10 a barrel. The famous expert explained that this reversal in Bitcoin and crude oil prices will be based on “deep macroeconomic consequences”. He also pointed out that the advantage that will enable Bitcoin to grow further is the deflationary approach in Bitcoin technology.
What Gets #Bitcoin Near $100K, #CrudeOil $50 - Enduring Trends: Bitcoin is poised to resume its bull-market and crude oil its bear trend in 2H, with profound macroeconomic implications, in our view. The benchmark digital asset represents rapidly advancing technology and deflation pic.twitter.com/ny8LMq80Yx
— Mike McGlone (@mikemcglone11) July 8, 2021
Bank of America teams up to research Bitcoin
Bank of America, seeing the growing interest in the digital asset market, has set up a dedicated cryptocurrency and Bitcoin research team. The new research team will be headed by Alkesh Shah, and the focus of the research will also include technology connected to the digital asset market.
Candace Browning, head of global research at Bank of America, said:
“Cryptocurrencies and digital assets make up one of the fastest growing technology ecosystems. We are in a unique position to provide thought leadership, thanks to our strong industry research analysis, market-leading global payments platform and blockchain expertise.”
Bank of America is joining the growing list of US-based banking giants joining the cryptocurrency ecosystem. Some of the top US banks, including well-established banks like JP Morgan, Goldman Sachs, and BNY Mellon, have started offering Bitcoin and cryptocurrency investment vehicles for their clients.
Increasing demand for cryptocurrency among institutional investors
Demand for crypto products and Bitcoin (BTC) from institutional companies reached their highest levels. Known for its anti-Bitcoin, JP Morgan was forced to offer a Bitcoin fund due to the increasing demand from clients. Goldman Sachs, which in the past called Bitcoin a speculative asset, now lists the digital currency among the top-performing assets. However, Goldman Sachs analysts have said that in the future, Ethereum could take Bitcoin’s place as a store of value through the ecosystem.
Think we missed something? Let us know in the comment section below.