JPMorgan experts have identified several “very important” factors that could affect the cryptocurrency market in the coming months, reports The Block.
The report examines technical, geopolitical and structural aspects, as well as seasonal trends – particularly the impact Cream. Special attention is paid to reduction Interest rate fed, exchange-traded funds based on Bitcoin and the upcoming so-called major Ethereum upgrade Pectra.
October promises to be bullish
The researchers noted that in 70% of cases, October was a profitable month for crypto investors.
“While past results are no guarantee of future results, we believe that the popularity of the term “Uptober” can influence behavior [инвесторов] and ensure that Bitcoin will have a successful month,” wrote the analysts.
“October” Bitcoin dynamics since 2013. Data: The Block, JPMorgan.
The Fed’s rate cut cycle has yet to impact the market
According to analysts, the cryptocurrency market has not yet felt the full positive impact main rate reduction in the US. Although currency discounting usually supports risky financial instruments, the correlation between digital assets and the indicator remains moderate at 0.46.
“We have not yet seen an increase in cryptocurrency prices,” experts said.
JPMorgan also admitted that the lack of historical data makes it difficult to predict the future value of Bitcoin.
“Crypto assets began to develop actively only in the early to mid-2010s. For most of this time, levels were close to zero,” the researchers said.
Bitcoin options can increase market liquidity
It could be another device that could have been there recently agreement Bitcoin ETFs Online Trading Options. Analysts expect this to increase liquidity and attract new participants to the market.
“The exposure of options provides investors with more flexible tools for working with ETFs, which contribute to greater liquidity than the underlying asset,” they said.
Analysts said this development could set off a positive chain reaction by improving market structure and making digital assets more accessible to institutional investors.
Pectra will have a long-term impact on Ethereum
The upcoming Ethereum upgrade, called Pectra, has been hailed by analysts as an important event. It combines updates from Prague and Electra, and includes more than 30 network improvement proposals (EIPs) aimed at increasing efficiency, optimizing the operation of testers and expanding capabilities. summaries.
“Although Pectra is expected to significantly change Ethereum functionality, we view this update as a structural improvement rather than an immediate price increase,” the analysts said.
In general, experts came to the conclusion that the cryptocurrency market is in “backup mode”; there are clearer macroeconomic or structural incentives for sustainable growth on the horizon.
Previously at JPMorgan predict growing demand for gold and bitcoin.
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2024-10-07 16:56:24
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