In a recent Thinking Crypto podcast, Matt Hogan, Chief Investment Officer of Bitwise Asset Management, shared key insights into the upcoming market trends and Bitwise’s strategic moves. The focus is on a potential crypto market rally in Q4 2024, driven by key acquisitions and shifting market conditions.

Strategic Acquisitions Fuel Growth

Bitwise’s recent acquisitions are set to enhance its market position as the crypto industry gears up for a potential bull run. The purchase of ETC Group, a leading crypto ETP provider in Europe, enables Bitwise to leverage Europe’s favorable regulatory environment. This strategic move allows Bitwise to tap into a more structured and supportive market compared to the regulatory uncertainties faced in the U.S.

Plus, Bitwise’s acquisition of Osprey’s Bitcoin fund aims to streamline operations and reduce costs. Integrating this fund into Bitwise’s Bitcoin ETF strategy is expected to boost efficiency and strengthen Bitwise’s position ahead of the anticipated market rally.

Optimism for Q4 2024

Matt Hogan of Bitwise forecasts a crypto rally for Q4 2024, driven by the resolution of macroeconomic uncertainties. Historically, September has been tough for Bitcoin, with an average decline of 4.5% and a 3% drop this month. U.S. political uncertainty and ongoing debates over interest rate cuts influence market volatility.

He further highlighted that the resolution of uncertainty surrounding U.S. Federal Reserve interest rate cuts and increased global liquidity from central banks will likely stimulate market growth. As uncertainties around U.S. elections and economic policies are resolved, Hogan anticipates a significant rally in the crypto market.

Positive Outlook on ETFs and Market Maturation

Hogan pointed to their impressive growth and performance across institutional and retail sectors to address concerns about Bitcoin ETFs. He remains optimistic about continued strong inflows into Bitcoin ETFs as the year progresses. Regarding Ethereum ETFs, while acknowledging that a later launch might have been beneficial, Hogan expects increasing institutional interest as the market approaches the last quarter.

Will Q4 Bring the Market Turnaround?

Currency, Bitcoin’s price shows promise for an uptrend after finding support around $56,000. It bounced 3.7% from this level and is trading around $58,000. If support holds, BTC could rise to $59,529, its 50% retracement level. The MACD indicator also signals bullish momentum, but a close below $56,000 could drop to $54,000.

Similarly, Ethereum is nearing its resistance at $2,421. Trading around $2,357, ETH could climb 6% to $2,564 if it breaks the resistance. The MACD also supports Ethereum’s potential rise, indicating bullish momentum.

What are your thoughts on the potential market rally in Q4? Share your views on how these developments might influence the crypto space!

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