Coinbase’s Analysis Points to Positive Trends in Bitcoin and Crypto Market
Coinbase, the cryptocurrency exchange, shares its optimistic outlook on Bitcoin’s future trajectory in its recent report titled “Weekly: Constructive Outlook.”
According to the report, Coinbase analysts, David Duong and David Han, the head and analyst of institutional research, respectively, note that various technical pressures on Bitcoin and the broader crypto market are showing signs of exhaustion. Notably, they highlight liquidations at FTX and the emergence of defunct entities from bankruptcy. The report emphasizes the increasing relevance of macro factors in the coming weeks, potentially supporting overall performance.
Additionally, the analysts delve into the U.S. economic outlook, expressing confidence in a soft landing and anticipating a 100 basis points interest rate cut by the Federal Reserve in May. They foresee this aligning with events like the bitcoin halving and the tapering of quantitative tightening, creating a positive setup for the entire asset class.
Clever Robot News Desk 5th February 2024