In a move that has crypto enthusiasts everywhere on the edge of their seats, Coinbase – America’s heavyweight champion in the cryptocurrency exchange ring – has unveiled an intriguing report. This document outlines several factors that could potentially ignite a Bitcoin bull run faster than you can say “to the moon” in 2024. The key elements under scrutiny include Uncle Sam’s Federal Reserve’s (FED) upcoming decisions, Spot Bitcoin ETFs and this year’s much-anticipated event – no, not another season of Squid Game but rather the Bitcoin halving.
Macro-Economic Factors Playing Cupid for Bull Run?
On February second – Groundhog Day to some but just another Friday at Coinbase, they published research suggesting certain technical factors which had been acting like overbearing parents on prom night are losing their grip on crypto markets. Instead, it seems we might be seeing more influence from macroeconomic factors which could give digital assets enough juice to kickstart a bullish party come
The report points out significant events such as FED’s interpretation of current US economic conditions and its acknowledgement about balancing risks related to inflation goals with employment achievements (sounds like someone is trying hard not to drop any balls). Also mentioned was how discussions around quantitative tightening have been pushed back until March ’24 because apparently everyone loves suspense!
Coinbase predicts these developments hint towards an easing cycle starting May first; possibly leading up-to FED putting brakes on balance sheet reductions by June ’24. They also foresee a rate cut by FED this year, aligning with historical patterns of cautious policies during an election year. It’s like watching a high-stakes game of chess!
Bitcoin Halving and Spot Bitcoin ETFs: The Dynamic Duo?
Coinbase also suggests that its predictions for the US economy are likely to coincide with crypto market drivers such as the Bitcoin halving event, scheduled for April. They believe these factors could work together like Batman and Robin to boost Bitcoin and other major tokens by Q2 ’24.
In their report, Coinbase also predicts that Spot Bitcoin ETFs will have a significant impact on crypto market recovery – kind of like spinach does for Popeye! They expect more impactful advertising from Bitcoin ETF issuers (because who doesn’t love being bombarded with ads) and inclusion in asset managers’ model portfolios which would effectively increase adoption rates while unlocking liquidity.
The overall sentiment is positive; bullish vibes might dominate post-halving event. Encouraging signs include ongoing liquidations at FTX (not sure if we should be cheering or crying here) and defunct crypto organizations rising from bankruptcy ashes – it’s almost biblical!
There has been daily inflow exceeding $200 million into Spot Bitcoin ETFs since early January leading up-to net inflows totaling $1.46 billion after approval on January tenth – talk about making it rain! Cumulative daily tradingSponsored Product volume stands around $1.35 billion because apparently people just can’t get enough digital gold.
BTC bulls reclaim $43,000 once again | Source: BTCUSD on Tradingview.com
Featured image from Investing News Network, chart from Tradingview.com
Coinbase Identifies Bullish Factors That Will Drive A Bitcoin Bull Run In 2024 | Bitcoinist.com