Bitcoin Price Prediction: QCP Capital Sees 2% Drop Below $68K as Temporary Setback
Bitcoin bulls have little to worry about regarding the BTC price uptrend, according to QCP Capital. The recent movement of coins from the defunct exchange Mt. Gox, which led to a 2% drop in BTC prices, is seen as a temporary setback rather than a significant shift in market trajectory.
QCP highlights three bullish reasons to maintain confidence in Bitcoin’s robustness: strong U.S. stock performance, political support, and upcoming Ether ETFs.
Bitcoin bulls have little to worry about regarding the BTC price uptrend, according to QCP Capital. The recent movement of coins from the defunct exchange Mt. Gox, which led to a 2% drop in BTC prices, is seen as a temporary setback rather than a significant shift in market trajectory.
Analysts at QCP Capital noted, “The movement of BTC from a Mt. Gox cold wallet this morning triggered a sell-off below $68,000. However, these bouts of supply anxiety are likely to be minor blips in a broader trend higher into the end of the year.” QCP highlights three bullish reasons to maintain confidence in Bitcoin’s robustness:
QCP emphasized that these reasons for optimism are in their early stages. Ether ETF trading has yet to begin following a surprise approval by U.S. regulators earlier this month.
Key Points:
QCP is not alone in predicting a strong second half of 2024 for Bitcoin. Fundstrat Global Advisors, a financial research firm, is highly optimistic, forecasting Bitcoin to reach $150,000 per coin by year-end. Individual traders also expect momentum to pick up in June, with some predicting a new all-time high of $95,000.
#Bitcoin is holding the bullish flag, despite Mt. Gox transferring a boatload of coins.
Market is rangebound — but will quickly turn fully bullish if we get above $70,000
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