A little opium in these uncertain times? If the monotonous litany of red candles in the crypto market is starting to get on your nerves, don’t shy away from your pleasure with today’s bullish prediction. Indeed, according to Bloomberg analysts, Bitcoin and Ethereum would actually only be waiting for an opportunity to set out again to touch the stars.
The 3R rule: Bloomberg, Bullish, Bitcoin
It is the very serious Bloomberg who affirms it by the voice of Mike McGlonehis Senior Commodity Strategist : when the market recovers, Bitcoin and Ethereum will be the first to find their way back to performance:
“When the economic tide turns, Bitcoin, Ethereum […] will again tend to outperform most major assets. More central bank rate hikes than ever before provide a strong headwind. But it offers the possibility that the benchmark crypto will evolve into a risk-free asset, like gold and US Treasurys”
Put another way, while the analyst does not deny that the unaccommodative policy of the FED and the central banks is currently putting the markets in the red (whether crypto or more traditional), they also carry with them the potential to push certain asset classes to move from the category risk on (risky) to risk off (refuge).
This would potentially be the case for Bitcoin and Ethereum, which could take advantage of the current turbulent context to strengthen and get closer to more traditional assets such as gold or US treasury bonds.
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“Up-tober” for Bitcoin?
Traditionally (or more exactly, statistically) the month of October is rather favorable to Bitcoin prices, so much so that we are talking about‘Up-tober.
Will history repeat itself this year? Mike McGlone does not get wet, preferring to talk about building solid foundations for further growth:
“Since 2014, October was the best month for bitcoin, with average gains of around 20%, and in Q3, BGCI was up around 16% against declines of 5% for the Nasdaq 100 and the S&P 500. Ethereum’s Merge to Proof of Stake could help it build a base above $1,000 and Bitcoin around $20,000. »
Rather team Uptober or Red October? And, more broadly, will Bitcoin and Ethereum emerge stronger from the current market trials? Let’s live the next few months together, and live, on the Journal du Coin!
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