Research Firm Predicts Bullish Bitcoin Breakout For Q4: 4 Key Reasons
2024年8月3日 - 3:30AM
NEWSBTC
Matrixport, a digital asset financial services group born from
Bitmain, an industry leader in Bitcoin mining, projects a bullish
breakout for Bitcoin in the upcoming fourth quarter of 2024. In
their latest research report titled “Matrix on Target: Bullish
Prospects for Bitcoin in Q4,” the firm provides four reasons to be
bullish in the upcoming weeks. #1 Narrowing Trading Range Signals
Breakout Matrixport’s analysis begins with a technical assessment
of the recent Bitcoin price action. Historically, Q3 has posed
significant challenges with frequent breakout failures. This year,
however, Bitcoin has demonstrated a notably narrowing trading
range, a pattern typically preceding significant price volatility.
“The constriction of price movement is often a precursor to dynamic
price shifts, suggesting an impending breakout,” the report notes.
#2 Monetary Policy As A Bitcoin Catalyst A pivotal aspect of the
report focuses on the US Federal Reserve’s interest rate policies.
Currently, the Fed maintains a rate of 5.25%, in contrast to a 3.0%
inflation rate. Related Reading: Would Bitcoin Fall Below $60,000
Again? Analyst Reveals A Concerning Trend For BTC However, recent
comments from Fed Chair Jerome Powell have ignited speculations of
a possible rate cut with the September FOMC meeting. “If inflation
follows the projected path, an interest rate cut in the September
meeting is possible,” Powell indicated. Matrixport’s analysis
correlates these potential rate cuts with increased market
liquidity, which historically benefits risk assets like Bitcoin.
“Each quarter-point reduction by the Fed could inject substantial
liquidity into the market, enhancing the appeal of non-traditional
assets,” the report elaborates. #3 Impact Of The US Presidential
Election The upcoming US Presidential election also features
prominently in Matrixport’s forecast. The firm speculates on the
impact of a potential re-election of Donald Trump, noting his
previous administration’s relatively hands-off approach to crypto
regulation. “A re-election of Trump could renew vigor in regulatory
reform or laxity, providing a less uncertain landscape for crypto
innovations,” the report suggests. Related Reading: Bitwise CIO On
Bitcoin: ‘We’re Not Bullish Enough’ – Here’s Why Trump’s recent
appearance at the Nashville Bitcoin conference, although not
meeting some expectations, was perceived largely positively,
signaling potential supportive stances on cryptocurrency if
re-elected. Trump promised to sell the Bitcoin previously
confiscated by the US government and establish a “national
stockpile” of Bitcoin. As reported by NewsBTC, this action, if it
comes to fruition, could have substantial implications for the game
theory of BTC. It could spark a race for a quick allocation, with
nations printing money to buy as much Bitcoin as possible. #4
Seasonal Patterns Of Bitcoin The report also delves into the
seasonal patterns affecting Bitcoin’s performance, highlighting the
typically sluggish months of August and September. This pattern is
attributed to lower trading volumes during the summer vacation
period and market caution in anticipation of economic indicators
and central bank policy decisions in the fall. However, Matrixport
posits that this year’s unique economic and political context could
disrupt these usual trends, setting the stage for an unseasonal
rally. Conclusively, Matrixport maintains a cautiously optimistic
stance for Bitcoin’s performance in Q4 2024. “Considering the
confluence of a narrowing price range, likely easing of US monetary
policy, and the potential impacts of the US Presidential election,
we are poised to witness a significant bullish breakout in
Bitcoin’s price trajectory,” the report concludes. At press time,
BTC traded at $64,730. Featured image created with DALL·E, chart
from TradingView.com
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