[Grayscale: Bitcoin may retest all-time highs this year! 】
Cryptocurrency markets are showing signs of recovery, with global market capitalization rising by 5% and market sentiment gradually turning bullish. Grayscale believes that the recent market collapse is mainly due to the US employment data in July being less than expected, but if the US economy can avoid recession and achieve a "soft landing", Bitcoin is expected to retest its historical highs.
Grayscale Research expects token valuations to rebound and believes that downside risks to prices are limited, mainly due to stable demand for Bitcoin and Ethereum spot ETFs, as well as insufficient credit supply from centralized financial institutions and low altcoin return rates. In addition, U.S. political attitudes toward cryptocurrencies may change, further affecting the market.
Researchers note that if the U.S. economy remains stable, Bitcoin could reach all-time highs in 2024. The prediction is backed by former Goldman Sachs hedge fund manager Raoul Pal and analyst Henrik Zerberg, who are also bullish on the future performance of Bitcoin and U.S. stocks.
Bitcoin’s daily chart shows that BTC is poised to continue rising despite a lack of confidence from bulls. The relative strength index (RSI) remains below 50, with strong support at $59,866 likely to help extend gains. A break below $59,866 could provide another buying opportunity for Bitcoin at lower levels.
