Bitcoin may have bottomed before its traditional cycle low: Grayscale’s Pandl
Grayscale’s head of research said that Bitcoin may have bottomed, arguing that macro factors, such as interest rate decisions as increasingly driving the price action of this maturing asset class.
Crypto-focused asset manager Grayscale said that Bitcoin’s price may have bottomed earlier than the traditional four-year cycle, which would imply a cycle low in September or October.
Grayscale’s head of research, Zach Pandl, argued that Bitcoin (BTC) has “grown up” as an asset and is increasingly driven by macroeconomic factors.
“If the Fed forgoes rate hikes and economic growth holds up well, Bitcoin’s price may already have bottomed,” Pandl wrote in a Wednesday report.