According to Bloomberg, the new forecast for the price of Bitcoin is over $500,000. Not only that, BTC surpassing $42,000 is, according to the information giant, the beginning of a new cryptocurrency supercycle.
Summary
Bloomberg’s forecasts: Bitcoin price will go over $500,000
According to Bloomberg, this is the beginning of a new cryptocurrency supercycle that will push Bitcoin above $500,000.
“The current sense of euphoria in the digital asset community is leading to a resurgence of predictions by cryptocurrency enthusiasts, who believe that Bitcoin could reach $500,000.”
The information giant has published its forecast on the price of Bitcoin, stating that BTC could surpass $500,000. Specifically, here’s what it wrote:
“Bitcoin surpassing $42,000 is just the beginning of a new cryptocurrency supercycle that will push the world’s largest token beyond $500,000, in what supporters say is the new monetary order that is taking Wall Street by storm.”
And indeed, during yesterday, BTC reached its annual high at a price of $43,371. At the time of writing, Bitcoin is worth $41,605.
According to Bloomberg, this surge is happening because investors are increasingly hungry for exposure to cryptocurrencies, as well as due to the improvement of macroeconomic trends.
Not only that, another data that pushes Bloomberg analysts to optimism is that, also yesterday, Bitcoin’s total market cap exceeded 800 billion dollars.
Bloomberg’s forecasts on the price of Bitcoin speak of six figures after the halving
The statement “over $500,000”, suggests that according to Bloomberg, the fate of Bitcoin will be to reach six figures.
According to experts, in fact, this will be possible especially after theBitcoin halving, expected in April 2024.
Currently, the enthusiasm is also derived from the possible approval by the United States Securities and Exchange Commission of the Bitcoin spot ETFs in the coming months.
And indeed, this positive sentiment has been calculated by the Bitcoin Fear and Greed Index which seems to have entered the green zone of Greed, with a score of 75.
“The Fear and Greed Index of Bitcoin is 75. Greed. Current price: $41,980”
Morgan Stanley: the “crypto spring is on the horizon”
Already at the end of October, analyst Denny Galindo from global investment bank Morgan Stanley, had talked about predictions on Bitcoin and the crypto market, stating that “crypto spring is on the horizon”.
In practice, the analyst would have described the historical cycle of crypto trading as the four seasons: Summer, Fall, Winter, and precisely Spring.
Specifically, with Summer, the Morgan Stanley analyst refers to the post-halving period, when the BTC price surge occurs and the highest gains are recorded. The crypto summer ends when BTC reaches the previous peak.
The “fall” season, instead, represents the interval of time between surpassing the old high and reaching a new high, which signals that the bull market has run its course. Here, the price of BTC that has reached its all-time high attracts the interest of the media, investors, and further pumps the price.
At this point, the bear market begins, which means the crypto winter. At this moment, investors decide to lock in their profits and sell bitcoin.
And finally, here is the fourth season: the crypto spring. Just like now, it represents the period leading up to the halving and sees the price of BTC recover from the minimum point of this cycle, even though the interest of crypto-investors remains weak.
