Crypto Market’s Bull Run Shows Potential for Growth, Coinbase Notes

Coinbase Maintains Bullish View on Crypto Markets for Q4

Coinbase analysts remain optimistic about the crypto market heading into the fourth quarter, citing strong liquidity, supportive macroeconomic conditions, and encouraging regulatory signals as factors that could sustain the rally.

Bitcoin (BTC) $115,932.17 is positioned to benefit from ongoing macro tailwinds and could outperform market expectations, analysts David Duong and Colin Basco said. “Unless there’s a significant shock to energy prices, the immediate risk to U.S. monetary policy remains low,” they noted. On-chain demand from digital asset treasuries (DATs) is also expected to provide a price floor.

While BTC has historically faced seasonal weakness in September—declining six years in a row from 2017 to 2022—this pattern did not repeat in 2023 or 2024. Coinbase emphasized that the small sample size and wide variability limit the predictive value of seasonal trends.

A more meaningful factor is the current DAT cycle. As of September 10, publicly disclosed DATs hold over 1 million BTC ($110 billion), 4.9 million ETH ($21.3 billion), and 8.9 million SOL ($1.8 billion).

Late entrants are increasingly targeting altcoins further down the risk curve, creating a “player-versus-player” dynamic that favors large-cap tokens and may eventually drive consolidation among smaller DAT holders.

Looking ahead, Coinbase expects strong liquidity, favorable macro conditions, and positive regulatory momentum to keep crypto markets supported through the final quarter.