Coinbase analysts remain optimistic for the fourth quarter, arguing that a combination of resistant liquidity, a favorable backdrop and regulatory support signals could keep alive the manifestation of the cryptographic market.
Bitcoin They argue, continues to benefit from the macro tail winds and could exceed market expectations, analysts said David Duong and Colin Basco in a Wednesday report.
“Except for a shock at energy prices, we believe that the immediate risk to interrupt the current monetary policy route of the United States is quite low,” analysts wrote. Chain demand for digital asset bond (Dats) It is also expected to provide a floor for prices.
A persistent concern for investors is seasonality, according to the report, which indicates six consecutive decreases in September for BTC against the dollar between 2017 and 2022.
But this pattern could not develop both in 2023 and 2024, analysts said. Not only that, but the small sample size and the wide dispersion of the results limit the usefulness of seasonal indicators.
A more significant factor, said Coinbase, is where we are in the DAT cycle. DATS publicly released has more than 1 million BTC ($ 110 billion)4.9 million eth ($ 21.3 billion) and 8.9 million sun ($ 1.8 billion) As of September 10.
Late participants are now chasing Altcoins below in the risk curve, which Coinbase believes that the markets in a “player against a player”, a dynamic that favors the tokens of great capitalization, but can soon lead to consolidation between the smallest days of Da.
In the last quarter, exchange analysts maintained a constructive perspective, waiting for a strong liquidity, a favorable macroeconomic backdrop and regulatory impulse to maintain well -supported cryptographic markets.
Read more: Cryptographic institutional adoption seems to be in the early stages: JPMorgan
