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There has been a period of shallow volatility for weeks for cryptocurrency investors and volumes continue to remain low. So much so that many exchanges have even started to delist various altcoins due to lack of interest. The low altcoin volumes, which have dropped to as low as $30-40,000 per day, indicate that many cryptocurrencies will not be able to survive bear markets. Haven’t we seen the same in previous bear markets? Absolutely.
When Do Cryptocurrencies Rise?
These days, people are turning to the stock markets due to the inactivity in crypto. For example, BIST is breaking new records in Turkey. The golden rule in crypto is “if your barber starts giving you altcoin advice, stay away.” We are experiencing this now for stocks. But crypto barbers don’t care. Could the current situation be a good opportunity to enter?
Market experts point out 5 major price catalysts for cryptocurrencies to rise. Henrik Andersson, Chief Investment Officer at Apollo Crypto, is among those who have their eyes fixed on the potential approval of spot Bitcoin ETFs and says that the approval of one of them within the next six months is “unlikely”. However, Andersson said, “the worst of the macro tightening seems to be behind us”. He said that central banks have paused interest rate hikes, meaning that we may have reached the end of the potential rate hike cycle. This could be a good opportunity for price increase.
Andersson also saw the launch of PayPal’s stablecoin and potential moves to include crypto payments by X (Twitter) as signs of future crypto adoption.
Markus Thielen’s Crypto Prediction
Markus Thielen, research director at the crypto financial services platform Matrixport, believes in the future of spot Bitcoin ETF approval. The expert, who also mentions an upgrade to Ethereum, argues that this should not be underestimated.
“Two important catalysts support Bitcoin and Ethereum prices until the end of the year: potential SEC approval for the Spot Bitcoin ETF listed in the US, and Ethereum’s expected EIP-4844 upgrade in the fourth quarter of 2023.”
The Ethereum upgrade will introduce a mechanism called proto-danksharding, which will reduce fees and increase transaction volume.
Tony Sycamore’s Crypto Market Comment
Tony Sycamore, market analyst at Singapore-based trading firm IG, said that investors should follow the minutes of the Fed’s latest meeting to be announced tomorrow.
“Especially for Bitcoin, the importance of the minutes increased after Nasdaq lost its second consecutive week. The details here will give us signals about the roadmap.”
The price of Bitcoin has been trading within a narrow range of $6,000 since mid-March. During the decline in June, support was found at $25,000, while the $31,000 resistance has been confirmed several times.
