While the leading cryptocurrency Bitcoin has been experiencing an unstoppable rally in recent days, a new ATH has been reached by exceeding $ 72,000.
At this point, while investors are pleased with the rise of BTC, they are also wondering whether the rally will continue.
At this point, Singapore-based cryptocurrency company QCP Capital evaluated Bitcoin and Ethereum in its new report.
Noting that BTC and ETH reached new highs of 72,944 and 4,094 respectively tonight, analysts said that the situation is less optimistic for ETH.
Because, according to reports published yesterday, the probability of approval of a spot Ethereum ETF has started to be priced at a probability of 35%. At this point, analysts stated that the risk for ETH in the next 1-2 months has begun to reverse, that is, sales against purchases have increased, and that the situation is relatively less optimistic for the ETH price.
Stating that BTC has surpassed the market value of Silver with its recent rise and is one step closer to becoming the real “Digital Gold”, QCP Capital analysts said that the futures market continues to show the rise in BTC.
Analysts also stated that they are wary of another collapse in Bitcoin, noting that funding rates could reach high levels again. At this point, analysts say, “even if there is a decline, we expect the declines to be compensated very quickly and BTC to recover very quickly.” said.
“ Tonight BTC and ETH reached new highs of 72,944 and 4,094 respectively.
BTC has now surpassed the market value of Silver and is one step closer to becoming the true “Digital Gold”.
Futures volumes and calls continue to express bullishness in BTC.
As the market began pricing spot ETH ETFs with a relatively low probability (35%), reversals in the 1-2 month risk on Ethereum began. (So, buying versus selling started to increase.) That's why things are less optimistic for ETH.”
QCP Capital said in their analysis dated February 15 that they expected the BTC price to reach at least $ 70,000 before the halving and by the end of March. Bitcoin exceeding $70,000 shows that analysts were successful in their predictions.
*This is not investment advice.
