QCP Capital, which expects a rise for Bitcoin and the general crypto market, claimed in today's analysis that the bottom has now been found.
Analysts stated that despite the ongoing great selling pressure, the big declines experienced last week did not continue this week, and generally stated that they thought BTC and cryptocurrencies had now found the bottom.
Stating that their upward expectations continue, analysts listed the reasons as follows:
“We think that cryptocurrencies have bottomed because we cannot go lower despite the great selling pressure in the market.
We continue our rise due to the positive winds we count:
1. US labor market numbers came in weaker last week. In addition, FED Chairman Jerome Powell said in his Senate testimony yesterday that market conditions confirmed that they were moving towards their final target of 2%.
2. More than 6000 BTC were sold by the German government and Mt. Gox pressure, BTC formed a double bottom and failed to break below $54,000.
3. Weaker CPI figures tomorrow will strengthen the FED's decision to cut interest rates in September and December. This will support the rise in prices.
4. The flurry of S-1 updates for spot Ethereum ETFs may also signal that ETH ETF trading will begin soon. “We believe that the ETH launch will take place this month, especially if the issuing companies announce their fee schedules.”
*This is not investment advice.