Cantor Fitzgerald Says Crypto Downcycle Nears End, Sees Bitcoin Bottom in October
Summary
- Cantor Fitzgerald said the cryptocurrency market has entered the final stage of its downcycle.
- The report said BTC has fallen about 51% from its peak and may reach a bottom in late October based on historical averages.
- It also said investors should focus on projects that create sustainable value, including Hyperliquid (HYPE), while Solana (SOL), Sui (SUI), XRP and Zcash (ZEC) must prove ecosystem growth through token demand.
Forecast Trend Report by Period
Wall Street investment bank Cantor Fitzgerald says the cryptocurrency market has entered the final stage of its downcycle.
In a report cited by CoinDesk on July 1, the firm said Bitcoin had fallen about 51% from its peak as of June 10, with 252 days having passed since that high. Given that previous cycles took an average of 384 days to bottom, Bitcoin may reach a low in late October.
With the market approaching an inflection point, investors should focus on projects that generate sustainable value rather than speculative assets, the report said, pointing to Hyperliquid (HYPE) as a leading example.
It added that Solana (SOL), Sui (SUI), XRP and Zcash (ZEC) must show that ecosystem growth is translating into token demand.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.