Analysts see chances for Bitcoin rally to resume in coming months.
Institutional adoption and a number of macroeconomic factors will fuel Bitcoin's rally in Q4, The Block reports, citing the opinions of a number of analysts.
"Amid macro shifts and institutional adoption, digital assets are poised to continue their rally in Q4 as sovereign balance sheets come under pressure. Investors will look for long-term hedging opportunities like Bitcoin," said Gabriel Selby, lead analyst at CF Benchmarks.
Ryan Lee of Bitget Research is equally bullish on the first cryptocurrency.
"Bitcoin's October performance is expected to outperform September's, with a target range of $58,000 to $72,000," he said.
In his opinion, institutional players will be a significant driver of the upcoming growth.
âMicroStrategy continued to sell bonds in September to buy more bitcoin, and exchange-traded funds (ETFs) saw net inflows after interest rates fell. #BTC #BTCâ #CryptoNewsCommunity #Binance #BTCETFSPOT
