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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/grayscales-zach-pandl-predicts-bitcoins-potential-to-retest-all-time-highs/" data-wpel-link="internal">Grayscale’s Zach Pandl Predicts Bitcoin’s Potential to Retest All-Time Highs</a><br></p>
<p class="p1" style="text-align: justify">As volatility rises in the <a href="https://en.coin-turk.com/gemini-crypto-exchange-leaves-the-netherlands-plans-to-return-soon/" data-wpel-link="internal">crypto market</a>, noteworthy developments continue to emerge. According to Grayscale’s research head Zach Pandl, in a statement made on August 14, lower-than-expected core inflation in the US has set the stage for Bitcoin to retest its all-time highs. Here are the notable details and expectations for the process.</p> 
<h2 class="p1" style="text-align: justify" id="us-data-and-the-crypto-market">US Data and the Crypto Market</h2> 
<p class="p1" style="text-align: justify">The US Bureau of Labor Statistics (BLS) reported the July Consumer Price Index (CPI) data on August 14, showing a 2.9% annual price increase for consumers, marking the slowest rate since 2021. Pandl stated this is significant because it would allow the Fed to start lowering <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">interest rates</a> and added:</p> 
<blockquote> 
 <p class="p1" style="text-align: justify">“Rate cuts are likely a necessary condition for sustained weakness in the US dollar and a material for Bitcoin to retest its all-time highs. The data, fortunately for crypto investors, could be a signal to cut rates sooner rather than later.”</p> 
</blockquote> 
<p class="p1" style="text-align: justify">The results came in below market expectations, indicating that the US Federal Reserve could continue with the expected rate cuts without unnecessarily affecting prices for consumers. Fears of the US heading towards a recession are growing after the BLS reported on August 2 that unemployment reached a three-year high of 4.3%.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-379896 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/fed-1.png" alt="" width="2000" height="1000"></p> 
<p class="p1" style="text-align: justify">According to CME FedWatch, the futures market pricing currently reflects expectations of at least a quarter-point rate cut at the Federal Reserve’s next meeting in September. Rates are currently targeted at around 5.5%.</p> 
<h2 class="p1" style="text-align: justify" id="details-on-the-subject">Details on the Subject</h2> 
<p class="p1" style="text-align: justify">Bitcoin’s response to the report was surprisingly moderate. According to data from TradingView, Bitcoin rose to about $62,000 following <a href="https://newslinker.co" target="_blank" rel="noopener" data-wpel-link="exclude">the news</a> and then fell by more than 3% in the next hour.</p> 
<p class="p1" style="text-align: justify">Crypto markets have largely recovered from the sharp pullback in August. Bitcoin saw its price drop by about 18% in one day. According to the company, Grayscale is the largest crypto asset manager with over $25 billion in assets under management (AUM).</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/grayscales-zach-pandl-predicts-bitcoins-potential-to-retest-all-time-highs/" data-wpel-link="internal">Grayscale’s Zach Pandl Predicts Bitcoin’s Potential to Retest All-Time Highs</a></h5>
<p>The post <a href="https://en.coin-turk.com/grayscales-zach-pandl-predicts-bitcoins-potential-to-retest-all-time-highs/" data-wpel-link="internal">Grayscale’s Zach Pandl Predicts Bitcoin’s Potential to Retest All-Time Highs</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.</p>

Grayscale’s Zach Pandl Predicts Bitcoin’s Potential to Retest All-Time Highs

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