 ▲ Bitcoin |
Grayscale, a cryptocurrency asset management company, analyzed in its monthly report, "Although the cryptocurrency market was somewhat depressed last month, the market is optimistic for the remainder of this year."
The report said, "The macroeconomic situation, including the U.S. Federal Reserve's (Fed) interest rate cut, economic growth, and stock market, is generally favorable for cryptocurrency. In addition, the approval of the Ethereum (ETH) spot ETF is a sign of great interest to many potential investors. “It can increase awareness of smart contracts and decentralization concepts,” he explained.
Tom Lee, founder of Fundstrat Global Advisors, a market research firm on Wall Street, also said in a CNBC interview, "The reason Bitcoin (BTC) has been sluggish recently is because of the overhang (potential selling volume) from Mt. Gox, which has been a concern for several years. “It is,” he diagnosed.
He continued, “Nevertheless, a sharp rebound is expected in the second half of this year. It is important to remember that BTC price increases usually occur over a period of only a few days. Excluding the 10 days with the highest price increase, BTC annual returns are negative.”
He also maintained his previous forecast that the BTC price could reach $150,000 by the end of this year.
On the other hand, Daryl Ho, senior investment analyst at DBS, Singapore's largest bank, said in a recent interview with Blockhead, "Bitcoin has similar properties to gold and is becoming more popular, but it does not have a long history like gold. “We will need to take a more long-term approach,” he said.
He added, "BTC will not see a rapid rise until liquidity stimulation effects such as halving and interest rate cuts appear. The cryptocurrency market itself is also expected to move sideways in the second half of 2024 due to lack of triggers."
