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Experts Predict A Bullish Month For The Crypto Market!

Bitcoin has been on a roller coaster ride in the previous weeks, but this month of February we have seen significant growth and positive developments.

Despite major cryptocurrencies having remained lower as global markets extend, Bitcoin has regained $43.5k and emphasized a bullish prediction according to the experts.

Hitting a 40-year high as U.S. inflation has recently, hit 7.5% last month, and prices for goods and cost for services are expected to pick up.

Traders from Goldman Sachs forecasted seven rate hikes just this year.

FxPro analysts have emailed CoinDesk and wrote, “Cryptocurrencies were under the pressure of strong data on inflation in the United States on Thursday, which has updated 40-year highs, and such values can force the Fed to raise interest rates faster, which is negative for all risky assets, including cryptocurrencies.”

 “The stock markets are having an increased impact on the dynamics of Bitcoin and Ethereum, in which the prospects for monetary policy are being reassessed,” FxPro analysts added.

After a brief dip to as low as $42,900 in early Asian trading hours, Bitcoin has regained the $43,500 level and the asset continues to face resistance at $45,500.

CNBC reported:

Fundstrat founder, Tom Lee have previously said about five years ago that by this year 2022, the cryptocurrency could be worth between $15,000 and $50,000.

Bitcoin is currently somewhere in the upper middle of that range, and Lee remains optimistic about the future of bitcoin and crypto, especially in a rising rate environment.

He said in a statement, “Interest rates look like they’re set to reverse almost 30 years of declines, That means for the next 10 years, you’re guaranteed to lose money owning bonds… that’s almost $60 trillion of the $142 trillion [of U.S. household net worth].”

Technology stocks and other risky growth assets have been stung by spiking rates this year and have continued to fall amid investor anxiety about the Federal Reserve’s planned rate hikes. Goldman Sachs is now predicting seven rate hikes this year.

“The question we ask ourselves is, ‘where’s the $60 trillion going to go to earn yield?’” Lee added. “The obvious thing is it rotates into stocks like FAANG, but I think what is more likely is a lot of speculative capital from equities… it’s going to be tracing its roots to a rotation out of bounds and it’s going to eventually flow into crypto.”

On the other hand, Singapore’s QCP Capital has remained aggressive on the crypto market for this month.

According to Singapore’s QCP on their Telegram Broadcast, “Crypto prices rallied even though NASDAQ traded lower towards the end of last week and we don’t think this means that crypto has necessarily decoupled from NASDAQ but this tells us there is tangible and targeted crypto demand right now.”

Experts have been optimistic about February’s bullish approach to Crypto despite major stock market expectations and reaction around Fed could easily subside to positive seasonality.

Sources: Coindesk, CNBC



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