Bitcoin may have bottomed before its traditional cycle low: Grayscale’s Pandl

From cointelegraph.com

Crypto-focused asset manager Grayscale said that Bitcoin’s price may have bottomed earlier than the traditional four-year cycle, which would imply a cycle low in September or October. Grayscale’s head of research, Zach Pandl, argued that Bitcoin (BTC) has “grown up” as an asset and is increasingly driven by macroeconomic factors. “If the Fed forgoes rate hikes and economic growth holds up well, Bitcoin’s price may already have bottomed,” Pandl wrote in a Wednesday report. Earlier in July, crypto brokerage K33 pointed to more than 50% of the Bitcoin supply being held at a loss as another signal of an ... (full story)