Bitcoin Cs Predicted To Be Bullish, This Is According To Morgan Stanley Analyst

Bitcoin crypto assets. (Photo; Doc. Pexels)

JAKARTA - The global investment bank, Morgan Stanley, predicts that the "crypto winter" may have ended and "crypto spring" is coming soon. An analyst at the bank explained that history shows that most bitcoin increases occur directly after the halving event, which occurs every four years.

Morgan Stanley's wealth management division recently published a report entitled "Will Crypto Spring Ever Come?". In the report, Morgan Stanley analyst, Denny Galindo, explained that there are four phases of cryptocurrency price. According to him, the fourth annual cycle of cryptocurrencies roughly matches four seasons in a year.

Galindo described crypto spring as a period before every halling event where "the price of bitcoin generally recovers from the lowest point of the cycle, but investor interest tends to be weak." He pointed out that there have been three crypto winters since 2011, each lasting about 13 months.

Furthermore, Galindo said that history shows that most of bitcoin's profits come directly after the 'halving' events that occur every four years. "The estimates vary, but history shows that next halling can occur in April 2024," explained Galindo.

"While no one can tell you that now is the right time to buy or sell cryptocurrencies, today is the right time to learn more about the tendency of crypto market cycles," he added.

Optimism regarding the prospects for bitcoin and the cryptocurrency market as a whole is being voiced by individuals and analysts. In April, Standard Chartered Bank said that crypto winter has ended, and predicts that bitcoin prices could reach $100.000 (around IDR 1.5 billion) next year.

In March, investment management company CEO Vaneck said: "We are at the start of what could be a cycle of several years" in gold and bitcoin. The crypto financial services platform, Matrixport, estimates this week that the price of bitcoin could soar to between $42,000 (Rp669 million) and US$56 thousand (Rp892 million) if the US Securities and Exchange Commission (SEC) approved exchange-traded funds (ETF) bitcoin Blackrock.