Top Analyst Makes Case for Q4 Bitcoin and Crypto Rally As Fiat Currencies Get Crushed
A popular crypto analyst is making the argument that the last quarter of the year could bring rallies to the digital asset markets.
In a new discussion with fellow analysts Benjamin Cowen and Mike from Digital Asset News, the host of InvestAnswers says that a number of fundamental catalysts are currently stacked up in favor of Bitcoin (BTC) and crypto markets.
“Inflation is falling. We don’t know how fast, but we reckon with the demand destruction in place, it’s pretty fast. We’re going to get some good CPI (consumer price index) prints over the next two or three months.
Markets are definitely bottoming. [For the S&P 500], 3,500 points base for a floor, upside 4,800 points within six to 12 months is my take. And there’s tons of cash on the sidelines. $3 trillion waiting to be deployed…
If the war stopped [between Russia and Ukraine], that would be game on… In terms of the Fed, they talk a big game, they do a lot of jaw-boning, but do they have bite?
Watching the credit markets roiling like we’re seeing now after seeing the UK blink this week, after seeing Germany print. China saying very clearly they’re going to dump the rest of their trillion dollars in treasuries as quickly as possible, that’s going to put downward pressure on the DXY (US dollar index), and hopefully help some of the other emerging markets’ currencies.”
The crypto analyst says historically, Q4 has been generally bullish for markets, and he sees a good chance of it repeating this year.
“We know Q4 is good. We know October is often called ‘Uptober’ and ‘Moonvember’ and all these different names are out there. I expect good things, especially now with people seeing how their domestic currencies are getting crushed, they’re looking for a hedge. It just takes a little bit, deploying 1% or 2% of assets has a huge impact on Bitcoin, so I see a good Q4 from here.”
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