BTC Price ‘Correction to $36,000 is Inevitable Before Bitcoin Goes Up’ – Says QPC Capital

1 BTC to $1 Million: Cathie Wood Doubles Down On Decade-long Bitcoin Price Prediction

In a recent market analysis, Singapore-based trading firm QCP Capital has offered a unique perspective on the current state of the crypto market, predicting an inevitable correction for Bitcoin before a potential upward trajectory.

According to QCP Capital, the flagship cryptocurrency could face resistance in the $45,000-$48,500 range, following a retracement to around $36,000 before resuming its upward momentum.

The Spot Bitcoin ETF Factor

One key factor influencing QCP Capital’s forecast is the impending launch of a spot Bitcoin exchange-traded fund (ETF) in January.

The trading firm suggests that this event may initially encounter subdued demand, potentially leading to what is known as a ‘sell the news’ scenario. Such a scenario could introduce short-term volatility to the Bitcoin market, leading to traders adjusting their positions.

Ethereum Emerges as a Secondary Option

Among the anticipated market dynamics surrounding the spot Bitcoin ETF launch, QCP Capital sees Ethereum (ETH) as a potential beneficiary.

The firm suggests that Ethereum could emerge as a compelling secondary investment option. Speculative interest in an upcoming Ethereum spot ETF could drive ETH prices higher, creating a scenario where Ethereum sees an increase even before the ETF’s official launch.

QCP Capital’s Analysis

QCP Capital emphasizes the likelihood of Bitcoin facing topside resistance within the specified price range. However, the firm highlights that a correction to $36,000 is an integral part of the market cycle before Bitcoin resumes its upward trajectory.

Investors should closely monitor market conditions and recognize that major cryptocurrencies can be susceptible to sentiment shifts and regulatory challenges.

Regulatory Considerations

The broader crypto market is not immune to regulatory considerations, as seen by recent discussions involving major financial entities like BlackRock and Nasdaq alongside regulatory authorities such as the U.S. Securities and Exchange Commission (SEC). The ongoing talks have centred around potential rule changes for the listing of the spot Bitcoin ETF, with BlackRock adjusting its proposal to align with SEC preferences, adding a layer of complexity to the market dynamics.

As the crypto space continues to evolve, QCP Capital’s analysis provides valuable insights into the potential market movements for Bitcoin and Ethereum. Investors should stay cautious and informed about the latest events. A potential correction to $36,000 could present challenges and opportunities in the ever-changing crypto world.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Popular

InstaCoin.News covers Fintech, Blockchain and Bitcoin bringing you the latest news and analyses on the future of money.

Copyright © InstaCoinNews

To Top