Markus Thielen, research director of investment firm Matrixport, thinks there may be a rally in the cryptocurrency market towards the end of the year.
Thielen, in his report published for Deribit Insights, stated that Bitcoin’s average price in the November-December period before the new year entered a 23% rally he stated.
The report listed three macro developments that could positively affect the cryptocurrency market.
The first of these was the decision of the US Treasury Department to issue more two- and three-year bonds. According to Thielen, this indicates that the department “expects interest rates to decline over the next few quarters.”
Secondly, Fed Chairman Jerome Powell’s “dovish” attitude after the FOMC meeting is pointed out. Messages that the increase in interest rates will stop, high risk level It can affect the markets in a positive way.
Additionally, non-farm employment data released on Friday disappointed It was emphasized that it caused the labor market to lose strength. According to Thielen, this will prevent the Fed from increasing interest rates further.
In addition, it is thought that the BlackRock Bitcoin ETF may increase the Bitcoin price if approved.