Analysts from a major Danish Bank, Saxo Bank has called for the beginning of a new period of growth for cryptocurrency prices, eyeing Q2 2018 as a springboard for fresh upside. The bank continued to express its optimism in the second quarter with its analyst, Jacob Pouncey from the SaxoStrats in-house team of strategists supporting the promise of a new era in the digital assets cycle.
The famous pro-Bitcoin institution said a number of factors like a mixture of global and political uncertainty, credit access limitations, and volatile commodities could altogether see fresh money pouring into the markets. They are well-known for their Bitcoin price predictions joining a growing number of crypto industry sources who have turned increasingly price-positive off late.
“In addition to the possible increase in regulations leading to further declines in the short term, the continued selloff of large blocks of cryptocurrency, such as the Bitcoin cache of the MtGox trustee, could result in continued selling pressure across the market.”
“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.”
The crypto market has been receiving a wave of Wall street talents and money recently like the new CFO, Alesia joining Coinbase and Goldman Sachs executive joining Blockchain.com.
Jacob concluded saying:
“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.”
Bitcoin’s [BTC] current trading value is $8,524 as seen at 13:13 UTC, breaking through to make a new all-month high. The last time Bitcoin touched $8500 was on March 20th.
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