Saxo Bank: bitcoin exchange Rate will grow in the second quarter
Stock Markets Group – bitcoin exchange Rate on the day remains near the important level of $9 000 in readiness to make a breakthrough. The price of Bitcoin was able to hold the position, to reverse the onslaught of sellers.
Recall that before the weekend on Friday evening quotes most popular cryptocurrencies fell slightly and was again at the level of $8 600. Late profit-taking in cryptocurrency market is finished and that the cost of bitcoin compensated for losses by closing the last working day of the week a slight increase.
22:55 GMT., main trading platforms display these values of the rate BTC/USD:
Bitstamp – $ 8 906 (+0.13%)
Bitfinex – $ 8 904 (+1.1%)
Coinbase – $ 8 907 (+0.12%)
The market capitalization of bitcoin at the moment is $151 746 billion.
The rate of bitcoin will rise for the next three months
In recent years, large commercial banks often mention the exchange rate of bitcoin and other cryptocurrencies in their reports and releases will be sent to customers.
Investment Bank Saxo Bank has not remained aloof and in his forecast for the second quarter of 2018 published a 35-page, also mentioned the situation in the market of digital assets.
Jacob PG, analyst cryptocurrency market, the Bank hired more recently, in his review of “crypto-currencies, entering into a new cycle?”, expects the next three months the exchange rate of bitcoin and other tokens will grow. Noting that the first quarter was unsuccessful for shopping, he wrote:
“In the first months of the cryptocurrency has dropped significantly after rising in 2017. The situation remains fragile, given the prospect of regulation of the market of cryptocurrencies and prohibitions on advertising in social networks. However, I do not rule out the return of the bull market and growth in the next three months”
Recall that the main clients of Saxo Bank are institutional investors, as it has the license of the Bank and the broker that allows you to display the client funds directly on the market.
The emergence of Analytics cryptocurrency market in the state Bank may talk about the customer interest in this segment of the investment and demand forecasts on digital coins before the possible increase of exchange rate of bitcoin and other digital assets. This writes itself PG:
“The crypto community has witnessed the support of digital assets including financial companies such as Goldman Sachs, Monex Group which is known to have acquired Coincheck. Same Coinbase hired for key management positions, employees from Silicon valley. All of these events can testify about preparing for a new wave of price increases for profit”
In his analysis, the analyst also notes:
“Several events can play a key role in the beginning of a new phase of market growth. It can be as fundamental factors or just coincidence. In my opinion, we see the completion of the negative phase in the evolution of cryptocurrencies, as the market got rid of many weak players, and those who are left will use any positive to push quotes above the”
It should also be noted that in their expectations Jacob PG relies on having game institutional investors, as soon the stock market and traditional financial instruments may become less profitable, resulting in “big money” need to find “a new job”.
He calls cryptocurrencies a potential alternative, referring to previous periods, when uncertainty in financial markets, the investors transferred capital to the “digital market” by buying Bitcoin and other tokens.
And when you consider that the regulation of cryptoidentity allows to protect the investments that will attract new major players and strengthen its purchase.
Bitcoin exchange rate today
In the current situation, the cryptocurrency remains in an ascending channel, continuing to pave the way to $10 000.
Given the lack of activity of sellers and the mass of profit-taking, we expect that in the near future the price of bitcoin will overcome the mark of $9 000. The first stop is possible at the level of $9 500, where the cryptocurrency can make a small pullback. However, we do not expect that it will be long, and the expected quick recovery of the positive dynamics of the exchange rate of bitcoin.
It should also be noted that the price crosses the mark of $9 000 the growth of digital coins can be significantly accelerated, as it is the last mark that separates the asset from the psychologically important level, and in this area has accumulated a lot of pending orders waiting to resolve.
The negative scenario can throw the exchange rate of bitcoin below $7 700, where the moving average acting intermediate support for the price.
Most of the alternative cryptocurrencies remain in the green sector following the main coin. So Ripple has risen by 1.64%, Ethereum has appreciated by 5.36% and Litecoin added to the cost of 1.11%.
Total market capitalization of crypto-currencies today is $343 801 billion.
Market analyst cryptocurrency
Stock Markets Group™