Franklin Templeton: "Bitcoin (BTC) seen hitting a new record high this year… midterm elections a variable"
Summary
- Tony Pecore, a director at Franklin Templeton, said Bitcoin is expected to set a new all-time high this year.
- He said that institutional investors’ Bitcoin buying remains intact, and a very positive trend is expected this year.
- However, he added that the U.S. midterm elections, political uncertainty, and the possibility of changes to the regulatory framework could dampen investment sentiment in the fourth quarter.
Forecast Trend Report by Period
A forecast has emerged that Bitcoin (BTC) will set a new all-time high this year.
According to virtual asset (cryptocurrency) news outlet U.Today on the 31st (local time), Tony Pecore, a director at Franklin Templeton, said, "Institutional investors’ buying interest in Bitcoin continues, so a very positive trend is expected this year."
He assessed that "Institutional demand held up even as Bitcoin fell from $126,000 to $60,000," adding that "we are currently in a phase of preparing for the next leg up."
However, he added, "The U.S. midterm elections scheduled for late this year are a key variable," noting that "political uncertainty and the potential for changes to the regulatory framework could temporarily dampen investment sentiment in the fourth quarter."
The forecast suggests that expectations for gains driven by institutional demand and political risk are acting simultaneously.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
