According to Andrew Kang, the market has overweighted the impact of Fed rate cuts and China stimulus on BTC.
Andrew Kang stated that BTC could remain range-bound until a key crypto catalyst emerges.could explode in Q4 2024, especially given the ongoing U.S. Fed rate cuts and China stimulus package.and risk assets, including BTC. The aggressive 50 bps Fed rate cut in September was deemed as the catalyst for BTC’s rally to $66K.But Andrew Kang, co-founder of crypto investment firm Mechanism Capital, has taken a cautious and contrarian stance.
The firm added that altcoins stand to benefit more than BTC during the Fed rate cut cycle, as BTC dominance always declines during these periods. “Those in China have noted a migration from crypto to A shares. The data backs this up – since Chinese stimulus was announced, USDT has traded at a discount to CNY. Still at 3% as of recent.”temporarily, market pundits projected an extra stimulus package from the Chinese government could reignite the uptrend.Ergo, he predicted that BTC could remain range-bound between $50K and $72K until a strong crypto catalyst triggers the market.
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