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Title: 21Shares says June payroll surprise sets soft-landing stage that could catalyze Bitcoin beyond $200k
In a recent research note, Matt Mena, crypto research strategist at 21Shares, has made a bold prediction regarding the potential price action of Bitcoin. According to his analysis, the June payroll surprise has set the stage for a “soft-landing” scenario in the cryptocurrency market.
Mena’s argument suggests that non-inflationary job growth, as seen in the latest employment data, creates an environment where the Federal Reserve can ease monetary policy and release liquidity. Historically, fresh capital is initially allocated to Bitcoin before being redirected to alternative cryptocurrencies, or altcoins. The strategist believes this sequence of events could propel Bitcoin beyond its previous cycle’s high of $200,000.
It appears that this soft-landing scenario would be characterized by steady job growth without inflationary pressures. This development might trigger a fresh influx of capital into the cryptocurrency market, potentially leading to increased valuations. Mena notes that an early indication of such a shift is the recent decrease in Bitcoin’s share of the total crypto market value, which has dropped by 3% over the past few days.
The analyst expects this shift will not only enable higher price growth for Bitcoin but also open up new opportunities for alternative cryptocurrencies to outperform once Bitcoin establishes a new range.
Source: cryptoslate.com
