As speculation swirls in the crypto space about Bitcoin’s future trajectory, one voice remains resolute: Sean Farrell, Head of Digital Asset Strategy at Fundstrat. Known for his accurate price predictions last year, Farrell is sticking to his guns about a bullish Bitcoin price target for 2024.
During a new interview with Coinage, Farrell doubled down on his prediction, stating that he’s still aiming for a target above $115,000 by yearend despite the lingering uncertainties in the market. Reflecting on the current state of Bitcoin’s price movement, Farrell noted that we’ve seen a lot of stagnation since earlier in the year.
“In the summer months, we had obviously a lot of negative seasonality, a lot of idiosyncratic selling events that really put a lid on any kind of rally,” he explained, referring to Bitcoin’s struggles to break through resistance levels. Yet, he remains confident that the groundwork for a significant move is being laid for Q4. “The setup is still just as compelling for Q4 as it was at the beginning of this year.”
Farrell’s outlook is grounded not just in crypto-specific factors but also broader macroeconomic trends. He pointed out that global central banks are now in a cutting cycle, which historically has boded well for liquidity-sensitive assets like Bitcoin. “Global central banks…have started to cut. Over 50% of central banks globally are cutting. That is great for global liquidity and liquidity-sensitive assets,” he said. This, paired with the potential for U.S. fiscal policy shifts, is contributing to what he sees as an overall bullish environment.
Zooming out, Farrell emphasized that Bitcoin’s price is still deeply intertwined with global market sentiment and broader economic forces. He pointed to ongoing concerns like the U.S. presidential election, geopolitical issues, and central bank policies as key variables that could influence Bitcoin’s trajectory in the near term. “There still are a lot of uncertainties in the market, whether you think about the election, you think about geopolitical concerns, natural disasters. There’s still ongoing debate over whether the Fed will be able to achieve their soft landing,” Farrell noted.
When it comes to what could ignite a rally, Farrell sees Bitcoin as the linchpin for the broader crypto market. “You need Bitcoin to rally…to have this face-ripping broader breadth rally,” he emphasized. While other altcoins have been making waves, Farrell believes that the crypto market’s next leg up will need to be led by Bitcoin’s momentum. Despite not ruling out other catalysts, like meme coins or the success of new L1s like Aptos and Sui, Farrell is convinced that Bitcoin is still the main driver.
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