Coinbase analysts remain optimistic for the fourth quarter, arguing that a mixture of resilient liquidity, a favorable macro backdrop and regulatory support signals could maintain the cryptographic market rally.
Bitcoin They doubt, continue to benefit from tail macro-Aiguilles and could surpass market expectations, analysts David Duong and Colin Basco said in a Wednesday report.
“According to a shock for energy prices, we believe that the immediate risk to disrupt the current path of American monetary policy is in fact quite low,” the analysts wrote. Digital assets of Treasury Buildings (Dats) should also provide a floor for prices.
A persistent concern for investors is seasonality, according to the report, noting six consecutive drops in September for the BTC against the dollar between 2017 and 2022.
But this model failed to play in 2023 and 2024, noted the analysts. Not only that, but the small size of the sample and the wide dispersion of the results limit the usefulness of seasonal indicators.
A more significant factor, said Coinbase, is the place where we are in the DAT cycle. Publicly disclosed data contains more than a million BTC ($ 110 billion)4.9 million eth ($ 21.3 billion) and 8.9 million soil ($ 1.8 billion) As of September 10.
Late entrants are now chasing altcoins further in the risk curve, which, according to Coinbase, puts the markets in a phase of “player versus player”, a dynamic that promotes tokens with large capitalization but could soon lead to consolidation between small DAT players.
Before the last quarter, the analysts of the exchange maintained a constructive perspective, expecting high liquidity, a favorable macroeconomic backdrop and a regulatory impulse to maintain well -supported cryptographic markets.
Find out more: Cryptographic institutional adoption seems to be in the first phases: JPMorgan
