Bitcoin's Bullish Outcry: Firm Dismisses Recent Price Drop as Mere Blip in Upward Trend
Summary:
Despite Bitcoin (BTC) dropping to multi-day lows, trading firm QCP Capital argues that the overall BTC price trend remains upward. Changes such as the transfer of coins from defunct exchange Mt. Gox's wallets causing an overnight price decline are seen as minor hiccups in the broader growth trend. QCP cites strong U.S. stocks performance, political support for crypto, and impending adoption of Ether exchange-traded funds as bullish factors for Bitcoin's future. Fundstrat Global Advisors also predict a bright future for Bitcoin, anticipating a price of $150,000 per coin by year's end.
Despite the recent drop in Bitcoin (BTC) price to multi-day lows, the overall BTC price trend remains upward, according to new analysis. In a market commentary shared with its Telegram channel subscribers on May 28, trading firm QCP Capital shrugged off current episodes of supply anxiety. QCP Capital asserts that Bitcoin bulls have no reason to fret over the BTC price trend. They suggest that the flow of coins from defunct exchange Mt. Gox's wallets, resulting in a 2% overnight BTC price decline, doesn't necessitate a reconsideration of market trajectory. They noted, “The transfer of BTC from a Mt. Gox cold wallet this morning incited a fall below 68k. However, these instances of supply concern are likely inconsequential hiccups in the overarching trend of growth closing out this year.” QCP cites “3 bullish factors” to maintain confidence in Bitcoin's future strength. These include a robust performance of U.S. stocks influencing crypto, political backing from U.S. Presidential candidates, and the impending adoption of spot Ether exchange-traded funds (ETFs). QCP remarked, “Crypto is seeing an unmatched political endorsement in the U.S. (Bill passed for regulatory clarity regarding digital currencies, favorable SEC stance on the ETH spot ETF, Trump's explicit support with Biden probably doing the same)." These causes for optimism are now in their early stages, with the approval of Ether ETF trading by U.S. regulators being a recent development. QCP remains optimistic about Bitcoin's prospects in the second half of 2024. Among Bitcoin's staunchest supporters this year is Fundstrat Global Advisors, a financial research firm that anticipates Bitcoin will reach $150,000 per coin by year's end. In the meanwhile, individual traders anticipate an upward drive starting in June, which may lead to a new all-time high of $95,000. Trader Jelle reassures, "Bitcoin continues to wave the bullish flag, despite Mt. Gox moving an enormous amount of coins. The market is currently fluctuating – yet a rise above $70,000 could quickly trigger full bullish mode. For now, it's a waiting game, but it is showing strength." A supplied chart suggests a possible action impulse coinciding with the end of the current consolidation period. The content of this article doesn't constitute investment advice or recommendations. All trading and investment decisions carry risk, and readers ought to do their own investigations before making a decision.
Published At
5/28/2024 4:29:32 PM
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