Bitcoin's (BTC) price outlook has been upgraded from “neutral” to “bullish” by investment research firm ByteTree. The company said BTC is seen as a “safe haven” amid the stock and bond selloff.
Three Different Analysts Shared Their Views on Bitcoin
ByteTree's Chief Investment Officer (CIO) stated that Bitcoin is in a bull market, defying the market decline in stocks and US Treasury bond trading.
However, Ledn Chief Investment Officer John Glover expects the market to see selling in this rally in the near term. Glover believes a more sustained appreciation will occur later this year and early next year as Bitcoin appears to have completed its correction.
ByteTree Chief Investment Officer Charlie Morris pointed out that Bitcoin has outperformed the US stock market at a time when rising bond yields are wreaking havoc on traditional markets. He emphasized that Bitcoin remained above the $25,000 level even during the recent correction move.
Edward Moya, senior market analyst for the Americas at Forex trading firm Oanda, said Bitcoin is “stuck between $26,000 and $30,000” despite dodging rising bond yields. He added that the ongoing bond market sell-off could disrupt many crypto startups.
*This is not investment advice.
