With a 40% increase, January 2023 risks becoming the best month for Bitcoin in the last 10 years. One of the largest in In the world of banking, Goldman Sachs ranked cryptocurrency as the most profitable asset, including risk-adjusted. Bitcoin has outperformed gold, the stock markets and the real estate sector by a significant margin.
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Image source: twitter.com/DocumentingBTC
A year ago, GS predicted $100,000 for Bitcoin.in the long term, as the digital asset will eventually take a share from gold, which is seen as insurance against inflation.
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The same figure was received by analysts from Pureprofile,conducting research commissioned by Nickel Digital Asset Management. The expert interview was attended by 200 institutional investors and asset managers from the US, the EU, Singapore, the UAE and Brazil. The total amount of funds under management of the respondents amounted to $2.85 trillion.
The study found that nine often investors predict Bitcoin growth in 2023, and two-thirds of those surveyed agree with the prospect of $100,000 in the long term. By the end of this year, 23% of respondents expect a price above $30,000.
Image Source: Cryptocurrency Exchange StormGain
Matrixport analyst Markus Thielen in a noteHe told his clients that the January upsurge was largely due to the interest of American institutional investors: “Organizations buy not only spot, but also futures contracts, which is reflected in the growth of the premium. We are interpreting this as a sign that hedge funds are buying back the long fall in the crypto market.”
The increased interest in cryptocurrency is also indicated bychart of open interest on futures for Bitcoin on the Chicago Mercantile Exchange (CME), which in dynamics significantly outperforms the price: the rise for the month was 77%, reaching $2.3 billion.
Image source: coinglass.com
The current rise in prices finds more and more response inthe hearts of investors, but market participants should exercise caution. The Fed has not yet abandoned the tightening of monetary policy, and the risk of plunging the global economy into recession remains. In the event of a collapse in traditional financial assets, Bitcoin will be difficult to maintain a positive trend.
Analytical group StormGain
(platform for trading, exchanging and storing cryptocurrency)
