- Aussie analysts Ted Coaldrake and Pav Hundal sat down for their Tapping into Crypto podcast, where they touched upon the driving force for a potential market turnaround in 2024’s final quarter.
- While the duo predict short-term volatility, they believe that the US Feds cutting interest rates could spark a market turnaround.
- With more money on the cards for investors, risk assets like Bitcoin and crypto may become more appealing.
- The hosts also note that October is to be the home for several major community events, featuring Solana, Cardano, Chainlink and more.
The crypto market is entering an interesting phase as we steadily move into the final quarter of 2024. It’s been a big 12 months for Bitcoin and friends, with the top dog reaching a new all-time high and pumping over 100% since this time last year.
Despite a market slowdown over the past few months, Swyftx analysts Pav Hundal and Ted Coaldrake believe the crypto sphere is poised for a massive October.
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Speaking on their regular Tapping into Crypto podcast, the Aussie hosts discussed all things crypto – and dove into why the next market cycle could captivate the community. The biggest macroeconomic news of the week is the US Fed’s decision to cut rates by 50bps.
This has already boosted the crypto market, with the overall cap rising by 2% since the decision was made public. But the analysts believe this surge could be just the beginning.
One of the key building blocks as to how we get the markets to move again is liquidity….[The US rate drop] will be the first since 2020…and seeing a shift in the cost of money basically will then influence growth for the next…business cycle.
Pav HundalThe duo also mention how the current market volatility is comparable to the same time last year, which was followed by a near six-month rally into a Bitcoin all-time high. Hundal notes that the CoinMarketCap Fear and Greed Index is reading “Fear”, which is typically a solid indicator of a potential trend reversal.
The podcast hosts also discuss the large number of significant crypto events poised to take place throughout the next four to six weeks.
Perhaps the most important, for now, will be the Solana Breakpoint conference – the community’s biggest annual event, chock-full of high-profile guest speakers including…Iggy Azalea…
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Possibly of greater relevance to the crypto industry is the attendance of payment giants like Visa and PayPal, as well as devs from the popular Jupiter decentralised exchange.
Keep a close eye on this one because we might see some big announcements coming from the likes of Jupiter and Solana projects.
Ted CoaldrakeSolana isn’t the only community hosting a major event, with October set to see several large-cap altcoins follow suit.
- XRP will host “Ripple Swell”
- Stellar (XLM) will feature at Meridian 2024
- Avalanche (AVAX) is hosting its own summit
- Cosmos (ATOM) will present the Cosmoverse
- Cardano (ADA) is hosting the Cardano Summit
- And Chainlink (LINK) will appear at SmartCon
This string of events could lead to a slew of exciting announcements for the industry, and when paired with greater market liquidity, could be the turning point for altcoin season to really take shape.
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