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Coinbase analysts say most technical factors that have exerted downward pressure on the broader crypto market are getting exhausted.

In a weekly report published on Friday, the analysts pointed at the potential for the easing pressure to pave the way for a “more supportive trading environment.” The analysts also highlight macro factors as potential tailwinds for Bitcoin and other cryptocurrencies. 

Why is this prediction likely to be extremely bullish for Bitbot? Discover more about this new Telegram trading bot below.

Bitcoin fell to lows of $38,600 in January as downside pressure mounted amid massive outflows from Grayscale’s GBTC. But now in February and with prices above $43k, Coinbase analysts say the coming weeks could see prices bounce higher.

“Many technical factors pressuring bitcoin specifically (and crypto more broadly) are starting to be exhausted, in our view. This is evidenced by the liquidations at FTX (disposing of their Grayscale Bitcoin Trust or GBTC shares, for example) as well as the emergence of some large defunct entities from bankruptcy,” David Duong, Head of Institutional Research and David Han, analyst at Coinbase’s Institutional Research, noted in their market outlook report.

Duong and Han also see a confluence of macro factors like interest rates as well as Bitcoin’s upcoming halving as potential key drivers of a bullish crypto market in Q2, 2024.

“We expect rate cuts in the US to start in May and the tapering of quantitative tightening soon after, coinciding with idiosyncratic events like the bitcoin halving and creating a positive setup for the asset class more broadly,” they wrote.

A positive setup for crypto performance in the second half of the year could align perfectly with Bitbot’s expected market entry.

What Bitbot (BITBOT), a new trading bot on Telegram, brings to the crypto trading market is what is creating a buzz across the space.

Bitbot is the first non-custodial trading app to Telegram. It means traders who have had qualms with leaving their crypto at the mercy of custodial bots can now tap into one where private keys remain with the asset holder.

What Bitbot does basically is cement the concept of “your keys, your assets”. The platform does not hold users’ bitcoin or crypto. Rather, it uses the non-custodial API technology backed by Knightsafe to allow for a wallet management system that sees users have full custody of their assets. The bot also provides added security and privacy layers via anti-MEV and anti-rug features.

For traders, Bitbot offers the platform where one can trade and maximize on potential crypto returns amid the bull run without worrying about the security of their assets.

As traders eye AI-enabled Bitbot app’s institutional-grade trading tools, including copy trading, snipe presale and gem scanner.

While Bitbot is a trading bot that brings the world’s first non-custodial trading to crypto, it’s also shaping up to be one of the breakout investment opportunities in 2024.

Here, the market is looking at BITBOT, the native utility token of the Bitbot ecosystem. Other than governance, holders can use this token to gain access to exclusive rewards, including a share of daily revenue. As a crypto project, the token’s presale that launched in mid-January could be a great entry point.

The official Bitbot roadmap targets bringing the bot’s advanced trading tools to users in Q2, 2024. As noted, this could coincide with the crypto bull market and likely the reason BITBOT has stormed to over $400k in just two weeks.

In Q2, Bitbot will list on leading DEX and CEX platforms, increasing token visibility and demand. That suggests a positive impact on BITBOT’s price post-presale.

The current presale price in stage three is $0.011, while the next stage will see it increase to $0.0116. These are relatively bargain entry points given the potential for Bitbot to establish as a dominant crypto trading solution on Telegram.

Learn more about Bitbot here.

The post Coinbase analysts say Bitcoin, crypto to rally in Q2: What does it mean for Bitbot? appeared first on Invezz

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