Cryptocurrency trading firm QCP Capital has predicted that Bitcoin could reach all-time highs following the upcoming US unemployment claims report and next week's Consumer Price Index (CPI) release.
“A lower-than-expected unemployment claims report tonight and CPI release next week could trigger a new all-time high for BTC,” QCP Capital analysts wrote today. They also noted the significant spot Bitcoin ETF inflows and buying orders of $488.1 million on Wednesday.
QCP Capital suggested such a rally could gain momentum as the market prices in potential rate cuts. The Bank of Canada on Wednesday became the first major central bank to cut interest rates by a quarter point this year to 4.75%. The European Central Bank also reduced interest rates by the same amount to 4.25% later today.
QCP Capital said they expect Ethereum to continue to lag in the short term, noting SEC Chairman Gary Gensler's comments in an interview with CNBC yesterday that Ethereum ETF S-1 approvals “will take some time.” However, analysts expect ETH to eventually outperform Bitcoin once ETFs begin trading.
*This is not investment advice.
