As the fourth quarter of 2024 approaches, some analysts predict that bitcoin and the broader cryptocurrency market will continue to rise, primarily driven by institutional adoption and macroeconomic factors.
Gabriel Selby, principal research analyst at CF Benchmarks, said in the report that digital assets are expected to continue to grow in the fourth quarter against the backdrop of macro changes and institutional adoption, as sovereign balance sheets come under pressure and investors will seek long-term hedging instruments like bitcoin.
Selby said that after the November 5 presidential election, the U.S. regulatory landscape could change significantly, creating a favorable environment for cryptocurrency innovation. We see conditions that strengthen investor confidence and drive capital formation.
Ryan Lee, principal analyst at Bitget Research, is equally bullish on Bitcoin's performance in the final quarter. He said he expects Bitcoin to outperform September in October, with a target price range of $58,000 to $72,000.
Mr. Lee pointed to a number of striking signs in the derivatives market, including negative funding rates in bitcoin futures in September and the Fear and Greed index remaining in extreme fear territory, which have historically heralded major rallies.
Analyst: Bitcoin is expected to break through in Q4, institutional demand and innovation will drive cryptocurrency growth
2024-09-24 14:17:40
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