- QCP Capital predicts a major retracement, possibly down to around $36,000, in Bitcoin’s price before any upward trend continues.
- The firm foresees a topside resistance for Bitcoin between the $45,000 and $48,500 region, should the SEC approve Spot Bitcoin ETFs in January.
- There is speculation that the demand for these investment funds might not meet market expectations initially, setting the stage for a ‘sell the news’ scenario that could cause Bitcoin prices to dump.
- QCP Capital remains positive about Bitcoin’s future growth, indicating that a possible resurgence might occur a few weeks post the initial slump.
- Bitcoin Halving, according to the firm, might be the impetus for the next Bitcoin bull run.
- The approval of Spot Bitcoin ETFs could shift market focus to Ethereum, with anticipation building for Ethereum Spot ETFs.
- The firm expects significant rallies in Ethereum’s price in response to such speculations, notwithstanding the approval of an Ethereum Spot ETF being still months away.
Hot Take
Well, strap on your moon boots, crypto fans, because it looks like we could be in for a bumpy ride! If the wizards at QCP Capital are correct, Bitcoin might go on a price rollercoaster that would make even the most hardened theme park daredevil feel a bit queasy. According to them, we could be visiting the gloomy depths of $36,000-town before catching the next updraft back to the moon.
On the flip side, our good friend Ethereum is waiting in the wings, ready to bask in the spotlight once the BTC ETFs make their grand entrance. Speculation around Ethereum Spot ETFs could send ETH prices on a joyride of their own. Are you ready to hop on the hype train?
Ultimately, like all things crypto, it’s filled with more drama than a daytime soap opera. And whether Bitcoin decides to take a dip or not, the Bitcoin Halving party is just around the corner, touted to spike the punch and kick-start another bullish fiesta. Get your party hats on because when it comes to crypto, it’s never a dull moment!
Julia