While Bitcoin, the leading cryptocurrency, will increase by 65% in 2024, investors and analysts are generally in an upward trend.
However, analysts at QCP Capital said Bitcoin's rally is at risk of exhaustion. At this point, analysts warned investors that the rise in BTC may cause problems in the next quarter and may have difficulty maintaining the upward trend.
Although QCP Capital analysts warned about Bitcoin, they stated that the outlook for the second quarter remains quite bullish and listed the bullish catalysts:
“There are enough catalysts to create a very bullish outlook for Bitcoin in the second quarter:
1. Ongoing BTC spot ETF demand 2. BTC halving 3. London Stock Exchange cryptocurrency ETNs 4. Potential ETH spot ETF approval.
“Along with the bullish catalysts for the Bitcoin price, there are also signs of bullish exhaustion as price growth increased exponentially in the first quarter.”
Analysts cited declining ETF approval sentiment in the largest altcoin, Ethereum (ETH), and persistently high funding rates on exchanges as signs of the rally exhausting.
*This is not investment advice.
