Saxo Bank: Cryptocurrencies to Experience ‘Springboard’ Bull Market in 2018 Q2
Saxo bank which is a Danish ban has expressed a high level of optimism for cryptocurrency in 2018. Therefore, they anticipate growth. This is according to the quarterly outlook which was published on 18th April.
Looking at what he expressed as a “springboards for a cryptocurrency bull market in Q2” during the year, Jacob Pouncey who is an analyst who is from the SaxoStrats associated with the banks in-house team of strategists was involved in querying whether the crypto assets would enter a new cycle.
“Historically, many of the blue-chip cryptocurrencies have seen price increases in the face of global uncertainty and risk-off events such as Brexit, the election of President Trump, and the North Korean missile tests. The inflow of institutional capital to the cryptocurrency market due to the increase in regulation and investor protection could lead cryptocurrencies to a positive quarter.”
Saxo Bank has been considered to be good in the price predictions and particularly Bitcoin. In the year 2016, just when Bitcoin was trading between the range of $450 and $950, they made forecasts that in 2017, the Bitcoin price would hit the $2,100 and at the time, this was an “outrageous prediction.”
Last year in December, Saxo Bank also warned that Bitcoin would drop to the $1,000 price level in 2018. However, another analyst, Kay Van-Petersen made a prediction that by the start of 2019, bitcoin will have attained the $100,000 price level.
Additionally, in a discussion of whether the various motivating factors would see an end to the downward trend as experienced in Q1, Pouncey declared that it would be appropriate to call the current time the bear market in cryptocurrencies.
“In my opinion, we will eventually see the end of the current, negative cryptocurrency cycle, as many of the weak hands have been shaken out by the bear market, and the remaining investors are on the ready to latch onto any good news after the bad start this year.”
Yesterday, Coinbase made an announcement that the hedge fund Alesia Haas, Och-Ziff Capital Management exec was coming to the organization as the CFO. Additionally, just in the same week, Breanne Madigan who is the former Goldman Sachs executive joined Blockchain.com as the leader in institutional sales and strategy.