James Butterfill, Head of Research at crypto asset manager CoinShares, stated that the full recovery of Bitcoin (BTC) has been delayed due to the hawkish Fed and setbacks in the US Clarity Act legislation. He projected that a decisive breakthrough of $80,000 would be difficult unless inflation outlook or monetary policy expectations significantly change. However, he also noted, "Although the Clarity Act has faced setbacks, it is directly linked to stablecoin regulation, so an amendment could be pushed again early next year." He diagnosed that "the impact of regulatory uncertainty could be greater on altcoins like ETH than on BTC."
