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Bitcoin and altcoins experienced sharp declines after the Senate vote on the Clarity Act stalled. Although the US Federal Reserve (FED) subsequently raised its benchmark interest rate for the first time in three years, $BTC showed a relatively limited reaction, maintaining its pre-decision level of $76,000.
While $BTC is said to remain resilient, an updated forecast has come from Zach Pandl, Grayscale’s head of research.
The Debate on Bitcoin’s Bottom is Back on the Agenda!
Speaking to The Block, Zach Pandl said Bitcoin had likely already formed its $58,000 bottom in late June.
Pandl noted that Bitcoin remained strong despite short-term volatility risks, including the Fed’s resumption of interest rate hikes yesterday and the challenges in the US Senate’s vote on the Clarity Act.
Pandl notes that Bitcoin has become an asset increasingly sensitive to macroeconomic developments rather than its traditional four-year market cycle, arguing that FED policy will play a significant role in Bitcoin’s future performance.
Pand suggests that if the Fed does not implement further interest rate hikes and economic growth remains strong, the June decline could be the bottom of the market cycle.
Pandl also stated that, based on the market cycle and improving on-chain structure, Grayscale believes the current range presents a buying opportunity and gives the green light for institutional and individual clients to actively increase their crypto asset allocations.
*This is not investment advice.
Source: cryptonews.net