QCP Capital asserts that the strength of Bitcoin’s price remains secure following the Mt. Gox sell-off, citing a convergence of various factors poised to bolster the cryptocurrency markets.
Bitcoin (BTC) is currently experiencing a downtick, with its value at $68,314, hitting multi-day lows. However, analysts suggest that these fluctuations are insignificant when compared to the overall upward trend in BTC prices. QCP Capital, in its recent market analysis shared with Telegram channel subscribers on May 28, downplayed concerns over recent episodes of supply-related anxiety.
QCP Capital: BTC price drops are “blips” in uptrend
QCP Capital asserts that Bitcoin bulls need not fret over the recent BTC price dip caused by the movement of coins from dormant Mt. Gox wallets. Despite the overnight 2% decline in BTC value, QCP Capital maintains that this event does not necessitate a reassessment of the market’s upward trajectory.
QCP emphasized three reasons supporting a bullish outlook on Bitcoin’s resilience moving forward. These include the positive impact of robust performance in United States stocks on the cryptocurrency market, political backing from U.S. Presidential candidates, and the anticipated adoption of upcoming spot Ether exchange-traded funds (ETFs).
“The cryptocurrency sector is experiencing remarkable political backing in the United States, evidenced by the recent passage of a bill aimed at establishing regulatory clarity for digital currencies, a favorable shift in stance by the SEC regarding the approval of an Ethereum spot ETF, and explicit endorsement from former President Trump, with indications that President Biden may also show support. These developments are still in their initial stages, with trading for the Ether ETF yet to commence officially following its unexpected approval by U.S. regulators earlier this month.”
Bitcoin “holding the bullish flag”
QCP is far from alone in seeing a bright second half of 2024 for BTC price action.
Fundstrat Global Advisors, a prominent financial research firm, stands out as one of the most optimistic corporate entities regarding Bitcoin’s prospects this year. Their forecast suggests a price target of $150,000 per coin by the end of the year.
On the other hand, individual traders anticipate increasing momentum as June approaches, with one trader projecting a potential new all-time high of $95,000.
Despite concerns such as the recent transfer of a significant amount of coins by Mt. Gox, popular trader Jelle noted that Bitcoin is maintaining its bullish stance in the short term.
A chart accompanying the data suggests an impending impulsive shift as a period of consolidation nears its conclusion.
Read More: Survey suggests US presidential candidates need crypto awareness
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