Crypto Rally May Continue, According to Coinbase

Coinbase Maintains Optimistic Outlook for Crypto Rally in Q4

Coinbase analysts remain bullish on the crypto market heading into the fourth quarter, citing strong liquidity, a favorable macroeconomic backdrop, and supportive regulatory signals as key factors that could sustain the rally.

Bitcoin (BTC) $115,932.17, the analysts said, continues to benefit from macro tailwinds and may outperform market expectations. “Barring a shock to energy prices, the immediate risk to the current U.S. monetary policy trajectory is low,” they noted. On-chain demand from digital asset treasuries (DATs) is also expected to provide a price floor.

Seasonality has historically been a concern, with BTC experiencing six consecutive September declines against the dollar from 2017 to 2022. However, the analysts highlighted that this pattern did not repeat in 2023 or 2024, and the limited data and variability reduce the predictive value of seasonal trends.

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

Late-market entrants are increasingly chasing altcoins further down the risk spectrum, creating a “player-versus-player” dynamic that favors large-cap tokens but may eventually lead to consolidation among smaller DAT holders.

Looking ahead, Coinbase’s analysts maintain a constructive outlook, expecting that liquidity, macroeconomic support, and positive regulatory signals will continue to bolster crypto markets throughout the final quarter.