Bitcoin bull season News: Bloomberg’s Strategist shared his predictions about Bitcoin. BTC seems to have paused its rise for a short while. While experts say that Bitcoin will continue its journey, the predictions for the Bitcoin bull season continue to increase.
Finally, Mike McGlone, chief commodity strategist at major financial firm Bloomberg, said that BTC has 3 times more potential than its current price.
Bitcoin reveals the period it predicted for the bull season
Bloomberg’s Strategist Mike McGlone shared his predictions about Bitcoin on the social media platform Twitter. McGlone also revealed the date when he thinks the Bitcoin bull season will resume. Stating that he believes that the rise will start again in the second half of 2021, the experienced analyst also announced the new price target of BTC.
Sharing a chart, the experienced analyst compared brent oil prices to Bitcoin price volatility. The economist believes that in the second half of this year, Bitcoin will start a bull run again and move towards the $100,000 price level.
McGlone expects the current price of crude oil to drop from $72.10 to $50 a barrel. The famous expert explained that this reversal in Bitcoin and crude oil prices will depend on “deep macroeconomic consequences”. McGlone thinks that the advantage that will increase the Bitcoin price is the deflationary approach in Bitcoin technology.
Bank of America recently got together to research Bitcoin. Seeing the increasing interest in the digital asset market, Bank of America established a Bitcoin research team specifically. The new research team will be headed by Alkesh Shah. The research team will also examine the 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. Uniquely positioned to provide thought leadership with our robust industry research analysis, market-leading global payments platform and blockchain expertise
Top US banks turn to crypto investment vehicles
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.
The demand for cryptocurrencies and BTC from institutional companies is increasing day by day. Known for its anti-Bitcoin, JP Morgan was forced to offer a Bitcoin fund, failing to meet the demand from customers. Goldman Sachs, which in the past called Bitcoin a speculative asset, now lists the cryptocurrency among the top performing assets. Goldman Sachs analysts also say that Ethereum could replace BTC in the future.