The cryptocurrency market is experiencing mixed signals. In the short term, Bitcoin and Ether show slightly bullish trends, while Binance Coin (BNB) and Ripple (XRP) are expected to continue in a more pronounced bullish pattern. However, over a week-long horizon, Bitcoin and Binance Coin might face minor bearish trends, while Ether is likely to maintain a neutral-to-positive outlook.

In the past 24 hours, Bitcoin dropped to a one-week low, trading around $60,886, which contributed to significant liquidations of long positions exceeding $150 million. Bitcoin has remained within the $60,000 - $70,000 range for over 200 days. The release of upcoming US inflation data and potential Federal Reserve rate cuts are pivotal, as they could influence market sentiment. Investors are particularly keen on potential rate cuts in November and December, which may propel a rally.

Bitcoin could potentially reach $80,000 by 2024, according to Bitwise CIO Matt Hougan, contingent upon US and Chinese economic policies. Hougan suggests that Bitcoin’s trajectory is less dependent on political outcomes, provided that regulatory pressures do not intensify.

Ether is gaining popularity in staking, with a 5% increase this year, now comprising 29% of its total supply. Despite a recent price decline, Ether’s overall yearly performance remains positive, indicative of strong investor confidence in its long-term viability.

VanEck has launched a $30 million venture fund to invest in crypto, AI, and fintech startups, signaling ongoing institutional interest in the sector despite current market uncertainty.

Market Forecast:

The current conditions suggest a short-term period of mild recovery for Bitcoin and Ether, driven by expectations of favorable economic policy changes. BNB and XRP are likely to continue benefiting from current bullish momentum. However, the broader market may encounter headwinds tied to inflation data and potential rate cuts, impacting Bitcoin and Binance Coin more significantly.

Bitcoin’s potential to hit $80,000 next year is plausible but hinges on favorable fiscal policies from the US and China. If rate cuts and stimulus measures materialize, a Q4 rally is likely, propelling Bitcoin and other major cryptocurrencies. Conversely, if economic support wanes, the market could remain stagnant or face downturns, particularly as regulatory issues and macroeconomic factors unfold.

Investors should monitor inflation data and Fed policy changes, as these will likely be decisive for near-term market trends. Staking growth in Ether indicates sustained confidence in Ethereum’s ecosystem, which could stabilize Ether amid broader volatility. Institutional moves, like VanEck’s new fund, also reinforce a long-term positive outlook for the crypto sector despite current volatility.