Though bitcoin's price surged by 45% in February, broke $60,000 for the first time since November 2021 and ended the month 9% away from its all-time high, macroeconomic factors may act as a barrier to further crypto valuation increases in the near term, according to Grayscale.

Analysts at the high-profile crypto asset manager specifically identified last month's accelerated inflation — and the decreased likelihood for interest rate cuts from the United States Federal Reserve, as a result — as the primary culprit for potentially stymied crypto price increases going forward.

"An important lesson from the last crypto cycle is that macro factors — like Fed monetary policy and the state of the economy — can heavily influence crypto asset valuations," Grayscale analysts wrote, noting: "A less favorable macro outlook could potentially hold back valuations."

"If inflation remains stubbornly high, Fed officials may consider delaying rate cuts until later in the year or until 2025," they explained, adding: "Generally speaking, higher U.S. interest rates are likely to be positive for the value of the Dollar and could be negative for Bitcoin."

As reported by CNBC, U.S. national debt is increasing by roughly $1 trillion every 100 days — a fact that does little favors for inflation.

However, Grayscale doesn't believe the near-term future for bitcoin's valuation is necessarily dire. "In our view, the most likely outcome is that U.S. consumer price inflation will continue to fall, facilitating eventual rate cuts by the Fed," analysts wrote, "but crypto investors should monitor upcoming inflation reports (especially the CPI report on March 12 and PPI report on March 14) as well as updated policy rate guidance from the Federal Reserve at its next meeting on March 20."