Bitcoin To Retest ATH This Year If US Avoids Recession, Grayscale Forecasts
Bitcoin could potentially retest its all-time high later this year should the U.S. economy avoid a recession, Grayscale Research says.
Despite the recent roller-coaster of volatility in the crypto market, analysts at Grayscale Research forecast that prices could climb higher in the coming months.
In an Aug. 8 research report, Grayscale analysts suggested that if the U.S. economy achieves a “soft landing” and avoids recession, token valuations could rebound, with Bitcoin (BTC) potentially revisiting its “all-time high later this year.”
“Shifts in the U.S. political landscape around the crypto industry may also reduce downside risks to valuations compared to past cycles.”
Grayscale
The firm pointed out that even in a weaker economic environment, downside risks may be “more limited” than in past cycles, citing steady demand from newly listed U.S. exchange-traded products and subdued altcoin returns as mitigating factors.
Looking ahead, market stability will hinge on upcoming macroeconomic data and central bank policies, Grayscale says, adding that events like the Federal Reserve’s September meeting and the Jackson Hole Symposium will likely to play a key role in shaping the environment.
Regardless of the scenario, Grayscale Research remains optimistic, suggesting that even a period of economic weakness could bolster the long-term investment case for Bitcoin, particularly in light of the ongoing “undisciplined approach” to monetary and fiscal policy.
As of press time, Bitcoin is trading above $60,000, having rebounded from a Monday dip that briefly saw its price fall below $50,000, per data from crypto.news. Bitcoin has thus far held its $50,000 support level, fueling speculation that whales are continuing to accumulate at current prices, which could signal potentially higher moves later on, especially as Bitcoin typically trades within a relatively low price range during September and October.
Ether Surges 16% Amid Speculation Of US ETF Approval
New York, USA – Ether, the second-largest cryptocurrency by market capitalization, experienced a significant surge of ... Read more
BlackRock And The Institutional Embrace Of Bitcoin
BlackRock’s strategic shift towards becoming the world’s largest Bitcoin fund marks a pivotal moment in the financia... Read more
Robinhood Faces Regulatory Scrutiny: SEC Threatens Lawsuit Over Crypto Business
Robinhood, the prominent retail brokerage platform, finds itself in the regulatory spotlight as the Securities and Excha... Read more
Surprise Crypto Surge May Come This Week – Here Are The Top Coins To Keep An Eye On
This week’s crypto market shift has investors buzzing—find out which digital currencies could be poised for a breako... Read more
CFTC Wins $36m Victory In California Crypto Fraud Case
New York resident William Koo Ichioka agreed to pay $36 million in a CFTC case alleging cryptocurrency and forex fraud. ... Read more
Experts Predict 5000% Gains For This Solana Memecoin Set To Rival Dogecoins 2021 Surge
Discover a new memecoin on Solana, inspired by Dogecoin, with analysts predicting gains of up to 5,000%. #partnercontent Read more