QCP Capital refuted claims of Mt.Gox sell-off, instead predicting that the Bitcoin bull run is imminent, with multiple factors likely boosting crypto markets.
A Wednesday, May 28 publication by trading firm QCP Capital disapproved the recent anxiety that Mt.Gox repayments will lead to Bitcoin dumping, causing a plunge in price.
QCP Capital conveyed a recent market commentary via its Telegram channel subscribers, cooling anxiety about a potential Bitcoin price crash.
The analytic report coincided with the crypto market witnessing Bitcoin’s dip to multi-day lows, which QCP Capital dismissed as insignificant and unable to halt the looming Bitcoin price uptrend.
QCP Capital Profiles Bitcoin Price Dips as Blips within Uptrend
QCP Capital argues that the Bitcoin bulls should not worry as the dips witnessed yesterday are mere blips, and the price will rebound in the looming uptrend.
QCP Capital illustrated the movement of coins from the wallets owned by the defunct exchange Mt. Gox, which triggered a 2% dip in Bitcoin prices. Such should warrant reconsideration of the market trajectory.
The analysts explained that the dip arose from a sell-off by Bitcoin holders below $68,000, attributing BTC movement from cold wallets belonging to the Mt. Gox.
QCP added that the bouts of supply anxiety portray blips within the broader trend of Bitcoin bull run by the end of 2024.
QCP Predicts Three Bullish Reasons
QCP points out three reasons Bitcoin holders have faith in the token’s robustness and bullish steam in the long term.
QCP Capital highlights that the strong US stock performance will likely spill over into the digital assets. Such coincides with the political support for crypto by the presidential candidates as the November 4 poll edges closer.
QCP Capital acknowledges that the unprecedented political support has eroded the barriers that confronted the US crypto industry. The positive developments are evident with the bipartisan majority of legislators passing pro-crypto regulation to clarify digital currencies.
The QCP considers the positive turn by the US Securities and Exchange Commission (SEC) to approve 19b-4s from the applicants of spot Ether exchange-traded funds (ETFs) will trigger a market-wide bull run.
The firm illustrates that the pro-crypto stance of the Donald Trump campaign yields overt support for the digital assets of President Joe Biden to follow suit.
The analyst considers that the three reasons are basis for optimism with ETher ETF trading officially to begin later. However, the spot ETH ETF trading is dependent on the Gary Gensler-led SEC approval of S-1s.
Bitcoin Bullish Flag
QCP joins other analysts who predict a bright second half with Bitcoin price action this year.
Fundstrat Global Advisors affirmed that the bullish run is imminent later this year when the most significant token by market value is likely to test $150,000.
The pronouncement by the financial research firm aligns with the perspective of individual traders. The latter observed the uptrend momentum in June, with Bitcoin striding to set a new high at $95,000.
The crypto community of traders considers Bitcoin to be flying a bullish flag despite the news of Mt.Gox transferring a boatload of crypto. Traders consider such a basis for the short-term sell-off.
The traders admit the market remains range-bound before turning fully bullish to clear above $70,000. Patience will help unlock the Bitcoin price rally in what appears to be an impulsive move when the consolidatory period ends.
Meanwhile, Bitcoin price suffered a 2.7% dip in its seven-day run to exchange hands at $67,826.72, with its 14-day run gain eroded to 9.1% per CoinGecko data. The dip has seen the Bitcoin price decline by 8.35% from the highest price of $73,737.94 in March, with its market capitalization declining to $1.337 trillion.
Further scrutiny into the Bitcoin market activity shows the trading volume slid marginally by 0.80% to $27.567 billion in the last 24 hours, per CoinGecko data. Such signals fall in the Bitcoin market activity.
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