The effect of halving and the launch of spot Bitcoin ETFs has already passed, and the crypto market needs new catalysts for growth, experts say.
The head of the CoinShares research unit, James Butterfill, clarified: a study of trade transactions over the past forty days has revealed a high correlation between the price of Bitcoin and the expectations of traders and investors from changes in the key rate of the American central bank. This has already happened in 2023.
On the eve of the May Fed meeting, the Bitcoin rate fell below $57,000, recall CoinShares analysts. After the Fed left rates unchanged, the price of Bitcoin rose above $60,000.
If the Fed decides to lower interest rates in 2024, the price of Bitcoin will show significant growth, experts at CoinShares believe.
Earlier, the international bank Standard Chartered stated that Bitcoin had reached a local bottom at $56,500. According to bankers, by the end of 2025 the cost of the first cryptocurrency will reach $200,000.
Source: Bits
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