Bitcoin rebounds and surges to $58000! NYDIG: Short term gains difficult to sustain, fourth quarter is key
Although Bitcoin fell below $53000 last Friday, it has shown a good rebound at the beginning of this week, breaking through $58000 at one point and slightly falling back to $56800 at the time of writing this article. This wave of cryptocurrency gains echoes the rise of the US stock market, which also suffered a heavy setback last week. The Nasdaq and S&P 500 indices both rose 1.15% on Monday.
However, Greg Cipolaro, Global Research Director at NYDIG, believes that even with a significant rebound yesterday, there may not be enough catalyst in the short term to sustain this momentum. According to CoinDesk, Greg Cipolaro pointed out that August and September have proven to be months of weak Bitcoin price performance. Entering the fourth quarter is usually favorable for price trends.
There are still a few weeks left until the fourth quarter, and Cipolaro stated that during this period, Bitcoin bulls may only rely on factors outside of cryptocurrency as a positive catalyst. This includes macroeconomic news such as employment, inflation, and Federal Reserve policies. In addition, the presidential election in November is also a crucial moment. Although candidate Trump showed a very friendly attitude towards cryptocurrency, He Jinli's position on cryptocurrency was hardly disclosed.
We won't guess which candidate will win the election, but November may be a critical moment for this industry. Before that, Bitcoin's performance may be influenced by a broader market context
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