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Home»ADOPTION NEWS»Analysts expect Bitcoin to break out in Q4 as institutional demand and innovation fuel the cryptocurrency surge.
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Analysts expect Bitcoin to break out in Q4 as institutional demand and innovation fuel the cryptocurrency surge.

By Crypto FlexsSeptember 24, 20243 Mins Read
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Analysts expect Bitcoin to break out in Q4 as institutional demand and innovation fuel the cryptocurrency surge.
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As we approach Q4 2024, some analysts predict continued price increases. Bitcoin Bitcoin

+0.66%
And the broader cryptocurrency market, driven by institutional adoption and macroeconomic factors.

“We expect digital assets to continue to see growth in Q4 amid macroeconomic changes and institutional adoption, and as sovereign balance sheets come under pressure, investors will look to long-term hedges like bitcoin,” Gabriel Selby, senior research analyst at CF Benchmark, wrote in a note to The Block.

Ryan Lee, senior analyst at Bitget Research, is equally bullish on Bitcoin’s trajectory heading into the final quarter. “My October expectations are for Bitcoin to outperform September, with a target price range of $58,000 to $72,000,” he said. Lee pointed to several compelling signals from the derivatives markets, including multiple negative funding rates in Bitcoin futures throughout September, and the fear and greed index remaining in “extreme fear” territory. “Historically, these factors often precede significant rebounds,” he said.

Institutional investors will be a key driver of this growth, Lee added. “MicroStrategy continued to sell bonds in September to buy more bitcoin, and bitcoin ETFs continued to see net inflows following the rate cut. This suggests that institutions are optimistic about the market outlook. With continued institutional buying, bitcoin is likely to hit its previous high,” Lee said.

Changes in the cryptocurrency environment in the fourth quarter

Selby noted that the U.S. regulatory environment could undergo significant changes after the November 5 election, creating an environment conducive to cryptocurrency innovation. “We are seeing conditions that foster investor confidence and facilitate capital formation,” he said.

Looking to the future, Selby identified several trends that could accelerate cryptocurrency adoption, particularly on the Ethereum network.

“Layer 2 scaling solutions are emerging to meet the growing demand for Ethereum blockchain space, and traditional financial institutions are exploring tokenization of real-world assets on Ethereum,” Selby added, adding that there is a potential intersection with another technology that is attracting investors: “The advent of generative AI and the resulting demand for GPU compute power could aid in the democratization of access to high-quality compute resources through decentralized physical infrastructure networks (DePINs).”

In 2024, BlackRock launched a tokenized money market mutual fund on the Ethereum network. Selby noted that this development is just the beginning of the potential for tokenized assets to be integrated with decentralized finance (DeFi), where they can be used as collateral for stocks, bonds, and real estate, or traded on decentralized exchanges.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Below are the current financial disclosures.

© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

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