Bitcoin (BTC) Might Be on the Brink of a Significant Rally by End of 2024 or Early 2025, Ethereum (ETH) to Benefit From Spot ETF Launch: Canaccord
- Linda HamiltonOriginal
- 2024-10-02 03:48:09406browse
A new report suggests that Bitcoin BTC/USD might be on the brink of a significant rally by the end of 2024 or early 2025, driven by historical halving cycle
A new report suggests that Bitcoin (CRYPTO: BTC) might be on the brink of a significant rally by the end of 2024 or early 2025.
This rally is anticipated due to historical halving cycle trends and changing market conditions.
A report by Canaccord highlights that we are now 163 days post the latest Bitcoin halving.
Historically, Bitcoin rallies have tended to start 6-12 months after these halving events.
This time frame indicates the potential for an uptrend if this pattern holds.
Analysts at Canaccord maintain a positive outlook on Bitcoin, stating, “The halving cycle psychology could portend more bullish times ahead.”
They note the favorable supply-demand dynamics post-halving, which, coupled with current market conditions, could lead to an upward price movement in the coming months.
Bitcoin's price has remained steady, pushing past previous resistance levels around $60,000, while its network security, evidenced by new all-time highs in hash rate, continues to improve.
Meanwhile, a new report identifies the launch of spot exchange-traded funds (ETFs) as a long-term catalyst for Ethereum (CRYPTO: ETH).
These ETFs are expected to facilitate wider adoption and reduce regulatory uncertainty.
However, the report also notes that Ethereum has underperformed Bitcoin in the short term.
“'Ethereum once again underperformed Bitcoin in Q3, but outperformed most other asset classes YTD, up 60% ,” the report states.
This underperformance is attributed to concerns about use case development and competition from alternative Layer-1 networks.
Despite mixed short-term performance, the launch of these ETFs is seen as a significant step toward institutional adoption.
Canaccord analysts note that ETFs help differentiate Ethereum from other Layer-1 networks and also drive investor interest and developer activity.
As the market watches for a possible rally, discussions like these will be pivotal at Benzinga's Future of Digital Assets event on Nov. 19, where key market players will shed more light on cryptocurrency trends and forecasts.
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