Market expert and Bitcoin (BTC) investor Lark Davis has predicted an “insane” trajectory for the crypto market over the following 90 days, with a confluence of things poised to drive significant growth and alter throughout the digital asset landscape.
In a recent social media post, Davis outlined compelling reasons underpinning his bullish outlook for the crypto market.
Looming Catalysts Set To Ignite Crypto Market
One key catalyst highlighted by Davis is the anticipated potential for rate cuts by the US Federal Reserve (Fed) inside the following three weeks. Federal Reserve Chair Jerome Powell’s recent remarks on the Jackson Hole Economic Symposium hint at a dovish monetary policy stance, which could fuel a surge in risk assets like Bitcoin.
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As well as, the specter of the upcoming US election, just 71 days away, looms large as a pivotal juncture for the industry. With former President Trump’s vocal support for cryptocurrencies, his potential return to the White House could usher in a latest era of crypto-friendly policies.
Trump has already promised to be the primary “crypto president,” which could mean big changes within the leadership of the US Securities and Exchange Commission (SEC) and a more permissive regulatory environment for the industry, which under the Biden administration has been characterised by lawsuits and regulation by enforcement.
Trump’s advocacy for digital assets, including a proposal to create a Bitcoin reserve to offset the $35 trillion national debt and the firing of SEC Chairman Gary Gensler on day one, could further boost confidence out there, resulting in further price appreciation, as analysts expect.
The discharge of Changpeng Zhao (CZ), former CEO of the world’s largest exchange Binance, from legal entanglements on September 29, could also mark a turning point for the industry, in line with the expert, offering a fresh catalyst for the market.
FTX Payout, China Unban, And Geopolitical Shifts
Further bolstering the bullish outlook is the anticipated $16 billion payout from the collapsed FTX exchange. As these funds are distributed to affected users, a good portion of the capital could flow back into the crypto market, fueling a surge in demand for the leading digital assets.
Lastly, rumors of China potentially unbanning crypto and Russia’s move towards embracing international crypto payments are additional aspects that might contribute to the market’s momentum in the approaching months.
Based on Davis’ evaluation, reopening the Chinese market and Russia’s pro-crypto stance are each incredibly bullish developments. This might potentially unlock massive latest sources of capital and demand for cryptocurrencies.
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Ultimately, these developments are seen as potential catalysts for the market in the following 3 months, which could contribute to further price appreciation for the biggest cryptocurrencies. It stays to be seen if all eight will be achieved, but when not, the overwhelming majority of them could significantly impact virtual asset space.
The 1D chart shows BTC’s price correction. Source: BTCUSDT on TradingView.com
On the time of writing, BTC was trading at $61,830, down 3% within the 24-hour timeframe, after hitting a one-month high of $65,000 on Sunday.
Featured image from DALL-E, chart from TradingView.com