US trading platform Coinbase says Q2 2024 is likely to be bullish for Bitcoin and the rest of the digital asset market. In a new publication on LinkedIn, David Duong of Coinbase’s institutional research department writes that the previously identified headwinds for the industry no longer exist.
For the positive price action, Coinbase’s focus is on the second half of April.
‘Institutional players are waiting quietly’
For Bitcoin, Duong sees two catalysts that could send the price up. First of all, he points to the halving, which is scheduled for around April 20, but he also sees the entry of institutional capital as an important reason for Bitcoin’s great price potential.
According to the Coinbase executive, institutional investors often evaluate new products, such as the Spot Bitcoin ETFs, for three months before offering them to their customers.
They take that time to investigate whether certain requirements are met. For example, whether an investment product is sufficiently liquid. If there is no liquidity (no active trading), then it is impossible for big money to enter.
After all, they want to be in products where they can enter and exit without losing prices.
Big names coming to Bitcoin?
Duong expects that financial titans such as Morgan Stanley, Bank of America, UBS Group AG and Goldman Sachs will not be far behind when it comes to offering Bitcoin to customers.
According to him, big names from outside the United States can also open the gates to Bitcoin in the coming weeks.
While this is normally a three-month period for fund managers, some have longer evaluations and others do it faster.
“We believe this could unlock a significant amount of capital for the Spot Bitcoin ETFs over the medium term,” Duong said.
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Source: https://newsbit.nl/coinbase-q2-2024-wordt-bullish-voor-bitcoin/
