Grayscale Research Head Zach Pandl argued that Bitcoin’s (BTC) current price levels could be a good, even “exceptional,” entry point for investors under certain conditions. According to Pandl
Grayscale Research Head Zach Pandl argued that Bitcoin’s (BTC) current price levels could be a good, even “exceptional,” entry point for investors under certain conditions.
According to Pandl, whether Bitcoin’s current levels are attractive depends on three key variables: the Fed’s interest rate policy, the CLARITY Act regulation for crypto markets in the US, and Strategy’s balance sheet structure.
Pandl noted that the outlook was progressing positively in all three areas, pointing out that the Bitcoin price was holding support around the $58,000 level.
A Grayscale executive summarized his personal opinion with these words:
“Bitcoin isn’t currently in a discount zone large enough to be considered a ‘close your eyes and buy’ opportunity. However, if the Fed keeps interest rates steady, the Clarity Act is passed, and Strategy’s recent moves restore confidence in its balance sheet structure, Bitcoin may have reached its cyclical bottom. The trend is positive in all three areas.”
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According to CME FedWatch data, the probability of the Fed keeping interest rates unchanged in July is 78.1%. The probability of a 25 basis point rate increase is priced at 21.9%.
According to market data, Bitcoin has surpassed the $63,000 level with its recent recovery, and is currently trading at $62,864 at the time of writing. BTC’s increase in the last 24 hours is 0.98%.
*This is not investment advice.
Continue Reading: Grayscale’s Head of Research Listed Three Conditions for a Bitcoin Rally: “We’re on the Right Track for All Three”
