Grayscale Research says Bitcoin could retest its all-time high later this year if the U.S. economy avoids a recession.

Despite the recent volatility in the crypto market, Grayscale analysts predict that prices will start to rise in the coming months.

In a research report dated August 8, analysts said that if the US economy makes a “soft landing” and avoids a recession, the token’s value could recover and Bitcoin could retest its all-time high in 2024. He stated.

“Changes in the political environment in the US towards the crypto industry could also reduce downside risks to prices compared to past cycles.”

Grayscale Research

The digital asset management firm highlighted that even in a weak economic environment, downside risks may be “more limited than in past cycles” due to mitigating factors such as sustained demand for exchange-traded products launched in the US and lower altcoin yields.

Analysts also said that market stability will depend on upcoming macroeconomic data and central bank policies. They also added that events such as the Fed’s September meeting and the “Jackson Hole Symposium” will play an important role in shaping the market.

Bitcoin wins in every scenario

Whatever the scenario, the firm’s research unit remains optimistic, suggesting that even a period of economic weakness could strengthen the long-term investment thesis for Bitcoin, especially in light of the ongoing “undisciplined approach” to monetary policy.

At the time of writing, Bitcoin is trading above $60,800. Proof-of-work The cryptocurrency, based on Bitcoin, continued to hold the $50,000 support level, raising speculation that whales are continuing to accumulate at current prices. This could point to potentially more volatile moves later on, as Bitcoin generally traded in a lower price range in September and October.