Wall Street investment bank Morgan Stanley thinks bitcoin could be in the ascendancy as investors diversify into new cryptocurrencies on decentralized exchanges such as Uniswap, especially speculative meme coins.
Entering June 2023, the bitcoin price is up almost 100% from its November 2022 low to just under $15,500.
wall street bitcoin price prediction
The bearish price forecast appeared this week as an update forbes Article titled ‘The Game May Be Over’ referring to Bitcoin and Ethereum.
Morgan Stanley crypto analyst Sheena Shah said:
At the peak of the crypto bull run in 2021, the price of bitcoin had an inverse correlation with the pace of new token listings.
The number of new cryptocurrencies created and listed on the Uniswap exchange has doubled over the past month, a pattern that has often dominated market tops since 2020.
The original article also included a bearish bitcoin price forecast from Paul Tudor Jones – the hedge fund manager has said that bitcoin may fall out of favor as an inflation hedge for investors, as inflation has fallen to its lowest level. . lowest rate in two years in America.
Also in bitcoin still’real problem‘ Of the unfriendly regulation in America, went Paul Tudor Jones.
Investing in Bitcoin Versus New Cryptocurrency Assets
With the bitcoin price falling below the $27,000 level today, the market cap of bitcoin now stands at $522 billion.
The last crypto bull run – a return to its all-time high hit at $69,000 in November 2021 – would see bitcoin price increase by 2.5 times.
For traders more interested in short term price speculation, buying new Uniswap coins can often outperform that rate of return within minutes, especially as a beginner investor. new initial coin offering (ICO) that launched with a low market cap.
Pepe price has been dominating crypto news headlines for pumping over 100,000% since its launch in April 2023, leading new york magazine To write that $PEPE and similar meme coins like $SPONGE are also ‘causing problems for bitcoin’.
Like Pepe Coin this year, during the 2021 bull run it was meme tokens like Dogecoin (DOGE) and Shiba Inu (SHIB) that provided the most gains for investors who got in and out at the right times.
The Next Dogecoin, Shiba Inu or Pepe?
yahoo finance This week the noted former Coinbase CTO has dropped his bullish bitcoin price forecast – $1 million in 90 days, a viral prediction he made back in March.
It also highlights some of the newer crypto ICOs, for which gains of thousands of percent are ‘not unusual’.
With $SPONGE, it took out $COPIUM – two coins we’ve reviewed best meme coins articles,
If Wall Street and Forbes are correct that investor attention is ‘shifting away from BTC to new cryptocurrency assets as traders seek to maximize profits’, those tickers may be two to watch.
We’ve also reviewed a new meme token ICO launching later this quarter, AiDoge, which has raised over $10 million in seed rounding funding.