Industry analysts predict that market volatility will continue due to ongoing factors such as the introduction of Bitcoin ETFs. David Duong, head of institutional research at Coinbase, stated that the third quarter of 2024 is off to a rough start. Market conditions have been negatively affected by random Bitcoin sales from sources insensitive to price changes, such as Germany's Bundeskriminalamt (BKA).
Oversupply and Lack of Strong Narratives
Coinbase's David Duong and David Han predict continued price volatility in the third quarter of 2024, which they attribute to the market's current lack of strong narrative. According to their analysis, the cryptocurrency industry is likely to experience âchoppyâ price movements as the year progresses.
Expectations for the Fourth Quarter of 2024
When we look at the fourth quarter of 2024, analysts take a more optimistic approach. Duong highlights the potential impact of interest rate cuts and the US elections in November. Although there are some reservations about the possibility of an economic recession, analysts believe that a stable economy can attract retail investors by unlocking liquidity.
Impact of Upcoming US Elections
The upcoming US presidential election adds another layer of complexity. Regardless of the election outcome, potential financial expansion could increase Bitcoin's appeal as an alternative to traditional financial systems. Analysts suggest that financial policies could strengthen Bitcoin's position as an attractive investment at current levels.
JPMorgan's Optimistic Outlook
In line with Coinbase's projections, JPMorgan experts also predict a potential recovery in the cryptocurrency market. They expect a revival to begin in August 2024, increasing optimism in the sector.
Impact of Spot ETF Approvals
Recent legislative developments offer another ray of hope for the crypto market. The SEC's approval of spot ETH ETFs and consideration of SOL ETF applications marks a positive change. While the impact on overall ETH prices is unclear, these approvals could lead to unexpected performance gains and an additional boost to ETH, according to analysts at Coinbase.
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