Bitcoin may have bottomed before its traditional cycle low: Grayscale’s Pandl

Crypto-focused asset manager Grayscale said that Bitcoin’s price may have bottomed earlier than the traditional four-year cycle, which would imply a cycle low in September or October. Grayscale’s head of research, Zach Pandl, argued that Bitcoin (BTC) has “grown up” as an asset and is increasingly driven by macroeconomic factors. “If the Fed forgoes rate hikes and economic growth holds up well, Bitcoin’s price may already have bottomed,” Pandl wrote in a Wednesday report.Earlier in July, crypto brokerage K33 pointed to more than 50% of the Bitcoin supply being held at a loss as another signal of an imminent market bottom, arguing that Bitcoin’s price has historically bottomed weeks after more than half of the supply fell underwater in prior cycles.In a June interview, Swan Bitcoin CEO Cory Klippsten told Cointelegraph that the record holdings of long-term investors, which reached an all-time high of 14.7 million Bitcoin, are another signal of an imminent Bitcoin bottom.Bitcoin price cycles that correspond to shifts in macro backdrops. Source: GrayscaleFed interest rate expectations, macro factors in the “driver’s seat”Grayscale’s Pandl said that macro factors, such as the Federal R...