Where is crypto heading in the near future? Bitcoin has been through its ups and downs over the years. Experts at Standard Chartered Bank and Adamant Research have done their investigations to make their late 2023 and near future predictions for Bitcoin and other cryptos in general.
A Boost for Bitcoin
Despite various cryptocurrency related bankruptcies that began halfway through 2022 and reached its peak in November last year, with the collapse of cryptocurrency exchange company FTX, Bitcoin prices have bounced back. More than a few investors had lost hope in the crypto markets but now several established companies have reinforced their applications for Bitcoin ETFs (exchange traded funds). These companies include Blackrock, Wisdomtree, and Fidelity Investments.
What the Analysts Say About Crypto
The analysts are of the opinion that Bitcoin prices may now be headed in a better direction. According to research, an accumulation phase for Bitcoin is going to remain in the twenty-two to forty-two thousand dollar range before exploding past its record high above one hundred and twenty thousand dollars.
Over a decade ago, Adamant Research released one of the first Bitcoin reports and then continued to release comprehensive reports during the historical lows of cryptocurrency. Their latest report having been in April this year. According to their report, they believe that investors should keep to Bitcoin instead of diversifying their cryptocurrency assets as it would leave them in a better position.
Standard Chartered Bank
Standard Chartered Bank also made some comments back in April, predicting that Bitcoin will be soaring to significant highs by the end of 2024. Their experts are expecting the value of Bitcoin to continue to climb.
How Would a Recession Impact Cryptocurrency?
A recession would undoubtedly have an impact on the crypto market, but the question is how? A recession could shift the demand and value of assets. But according to a recent report from S&P Global, in the instance that such a recession sprouts from poor government policy, crypto may serve as a safe haven.
Their report also outlines how crypto could be used in countries that are experiencing heavy depletion in their own currencies. However, they do also state that there is not currently any data that proves if crypto could actually be put in place as a hedge against inflation.
Some professionals in the field are predicting new highs for Bitcoin in the near future, expecting prices to surpass one hundred thousand dollars and more. But nobody can predict the future and it is worth doing more research and assessing your own circumstances before joining the crypto game to see if it´s really for you or if it´s worth it.
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