BTC price can reach $34K as Bitcoin faces support 'kiss' — QCP Capital
Bitcoin (BTC) may be weeks from a “sharo rally” toward $34,000, trading platform QCP Capital believes.
In its latest market update released on Aug. 15, analysts said that the coming weeks include a key decision point for BTC price action.
With Bitcoin still rangebound after months of indecisive behavior, market observers are keen to predict the return of some sort of market trend.
For QCP Capital, September is the key month in the calendar, thanks to BTC/USD completing a rising wedge construction which began during the end of the 2022 bear market.
“On the charts, the wedge pattern that BTC has been trading in since its 15k lows reaches its first termination point at the start of Sep,” part of the update explained.
QCP noted that the specific area of interest was $29,300 — exactly the current focal point for the Bitcoin spot price.
“Will there be a sharp rally that takes us to the 34k resistance — like the prior three times which kissed the support trendline this year?” it continued about the rising wedge.
QCP’s perspective chimes with various more optimistic takes on BTC price strength for the short term, including one which gives October as the deadline for the return of the 2023 Bitcoin bull market.
As Cointelegraph reported, however, market expectations are fragmented on the topic, with others warning that new lows may yet enter before a broad recovery ensues.
Addressing macroeconomic trends, QCP meanwhile argued that significant change was still to appear, echoing the status quo in crypto.
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