The macro setting is 'perfect' for bitcoin: CoinDesk's Baehr
Bitcoin (BTC-USD) prices are falling, with the cryptocurrency dropping below the $57,000 level Wednesday morning. CoinDesk Indices managing director Andy Baehr joins Catalysts to discuss his outlook on the digital asset. Baehr acknowledges it's been a rough summer for crypto. He notes many cryptocurrencies have a "time series effect," explaining that "once they start going, they tend to keep going." However, for bitcoin, after the spot bitcoin ETF "honeymoon" aura began to fade, "things have been flat," Baehr explains. Historically, September is a rather challenging month for both equities (^DJI, ^IXIC, ^GSPC) and the crypto market. "For now, it's just keep on keeping on and just wait for the next catalyst to take us higher," Baehr tells Yahoo Finance. Looking ahead, Baehr believes the current setting for bitcoin is "perfect." He points out that with potential Federal Reserve rate cuts on the horizon, this could be a great macro driver for the currency. However, he cautions that uncertain factors like the upcoming election could still impact the market. "For longer-term investors, we think right now is the time to maintain the faith and keep going," he states. Baehr emphasizes that for the broader crypto market to thrive, bitcoin needs to perform well, as it often leads the way for other digital assets to move higher. For more expert insight and the latest market action, click here to watch this full episode of Catalysts. This post was written by Angel Smith
