The entire cryptocurrency market was in a severe downturn in the past days after the Terra ecosystem collapsed badly. Bitcoin, which was trading at 50 thousand dollars, fell to 17 thousand dollars in a few days. The crypto lenders who stood firm in times of crisis have started reaching profits today. According to Barron’s report, analysts are saying that the future of the cryptocurrency market is secure, no matter how bearish it is at the moment. According to Morgan Stanley there is still room for upside in the crypto market and this is becoming a sign of another rally.
Furthermore, another major US bank JPMorgan recently said that the cryptocurrency market has found its ground. Bank analysts are assuming that a merge upgrade of Ethereum could lead to a bull run for Bitcoin and the entire cryptocurrency market, including Ethereum, which is highly likely. Many market experts believe that bitcoin can soon cross $ 30 thousand. The reason for this is believed to be the rapid increase in interest rates by the US Federal Reserve.
Bloomberg’s Mike McGlone has also recently predicted a bullish rally for bitcoin. McGlone says that bitcoin will touch the $1 million level. Although together he has also said that it is not going to happen very soon. It may take a long time. There are positive signs for bitcoin from market experts. It is the oldest cryptocurrency in the world. The price of bitcoin has an effect on the entire crypto market. Therefore, the bright future of bitcoin also tells the future of the crypto world to a great extent.
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