Crypto analyst Miles Deutscher outlined ten key catalysts that he believes will drive significant growth in the crypto market.
What Happened: His predictions include the German government exhausting its Bitcoin (CRYPTO: BTC) reserves, strong inflows into Bitcoin ETFs and the potential impact of the U.S. presidential election. He also highlighted the launch of Spot Ethereum (CRYPTO: ETH) ETFs and Goldman Sachs' tokenization projects as potential growth drivers.
In my 6 years in crypto, this is one of the most bullish setups I've ever seen. In hindsight, it's going to be ridiculously obvious. There are some MONUMENTAL catalysts on the horizon. : 10 reasons to be stupidly bullish on the next few months in crypto.
— Miles Deutscher (@milesdeutscher) July 16, 2024
Regarding the Germans selling BTC, he added that the best part about overhang is "once selling is priced into the market, there is a floor on the downside and headroom for the price to move higher."
He also pointed to the FTX repaying $16 billion to creditors, who are likely to re-enter the market, leading to a fresh bid. He highlighted he global liquidity cycle being highly correlated to crypto and based on the 65-month cycle it suggests a late 2025 peak.
Also Read: Bitcoin Option Traders Expect Near-Term Volatility, Crypto-Asset Trading Experts Say
Why It Matters: Deutscher's predictions come at a time when the crypto market is upbeat. He adds that in his six years of crypto "this is one of the most bullish setups" he has ever seen.
Among the key catalysts, Deutscher pointed out the potential impact of the U.S. presidential election. "There is no doubt that a Trump presidency is a positive catalyst for crypto, given his administration is supportive of the industry," he said.
Deutscher also highlighted the importance of the upcoming ETF, "The Spot ETH ETFs are imminent, and are a major catalyst for the crypto market, lending further credibility to its standing as a legitimate asset class."
What's Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
Donald Trump Comments On Crypto Pivot: 'If We Don't Do It, China Will'
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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オーストラリアでは、moomooの投資商品及びサービスはMoomoo Securities Australia Limitedによって提供され、オーストラリア証券投資委員会（ASIC）の管理を受けております（AFSL No. 224663）。「金融サービスガイド」、「利用規約」、「プライバシーポリシー」などの詳細は、Moomoo Securities Australia Limitedのウェブサイトhttps://www.moomoo.com/auでご確認いただけます。
Regarding the Germans selling BTC, he added that the best part about overhang is "once selling is priced into the market, there is a floor on the downside and headroom for the price to move higher."
ドイチャー氏は、ドイツ人がBTCを売却することに関して、「過剰供給について最高の部分は、売却が市場に価格が反映されると、ダウンサイドの底が出現し、価格が上昇する余地があることです。」と付け加えました。