Recent macroeconomic shifts hint at a potential pre-Christmas crypto rally, according to Matrixport analyst Markus Thielen.
As the year draws to a close, a series of recent macroeconomic events have set the stage for a "Santa Claus squeeze" — leading to a potentially significant rally for digital assets, according to investment firm Matrixport's Head of Crypto Research and Strategy Markus Thielen.
First of those key developments is the United States Treasury's shift to issuing shorter-dated debt, suggesting anticipation of falling interest rates, which bodes well for assets like tech stocks and cryptocurrencies, according to Thielen. Thielen also noted that when the Fed last concluded an interest rate hiking cycle in January 2019, bitcoin’s price rallied around 400%. While not expecting a move of this magnitude, the analyst said it suggested bitcoin could significantly advance in 2023 and 2024.Momentum is also bolstered by the possibility of a BlackRock spot bitcoin ETF approval, Thielen added, which could catalyze a broad-based crypto rally — not just for bitcoin but for higher beta crypto assets as well.
In another post, Thielen highlighted that the Ethereum ecosystem showed signs of a resurgence as revenues began to recover from previously low levels, suggesting a potential bottom for ether's price.
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