The 10x Research report suggests that bitcoin could see a significant rally by the end of 2024. It considers macroeconomic conditions and seasonal patterns that could influence the cryptocurrency market.
Seasonal Patterns
Bitcoin has historically shown strong performance from October to March, a trend highlighted in the 10x Research report. This trend could repeat this year, particularly considering the previous market cycles of 2014, 2017, and 2021.
Bitcoin Catalysts and Risks
The report considers multiple external factors that could act as catalysts for Bitcoin’s end-of-year performance. Liquidity is expected to support the bullish momentum. Macroeconomic conditions such as the Federal Reserve interest rate decisions, inflation concerns, and US election-related dynamics are potential catalysts for BTC’s price. Despite the alignment of potential bullish catalysts for BTC, the report cautions investors to be vigilant, highlighting the asset’s history of drawdowns of up to 70% in previous cycles.
Bitcoin Rally Amid Gold Pump
The off-risk asset gold has gained over 5% since Sept. 9, recording a new all-time-high driven by geopolitical tensions and interest rate cuts. Crypto analysts have since been sharing predictions about the impact of BTC’s price on the result of this substantial rise in the price of gold. The Federal Reserve’s 0.5% interest rate cut on Sept. 18 catalyzed the risk-off commodity, gaining a new record high price of $2,629 per ounce as of Sept. 23.
The 10x Research report offers hope for a significant bitcoin rally by the end of 2024. Investors are recommended to consider the mentioned macroeconomic conditions and seasonal patterns for effective risk management.
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