Cryptocurrency analysis firm QCP Capital shared its perspective on the current state of Bitcoin and the overall cryptocurrency market in a recent statement. The firm highlighted various factors that could affect market dynamics in the near term.
QCP Capital believes the market is currently on Mt. Gox stated that it was struggling with an overwhelming supply resulting from BTC unlocks and sales by government agencies. This led to a bearish trend, pushing Bitcoin back to the 60k support zone. The firm questioned whether this level, which proved to be a solid support level in the 2nd quarter, could hold under these conditions.
Despite the difficulties, QCP Capital remains cautiously optimistic. The firm believes the scary supply figures are likely exaggerated and predicts the market will likely remain flat in a range. He also suggested that the market may test the 50K levels, but expects to find strong support there due to the continued interest of traditional finance (TradFi) amidst general regulatory easing across the world.
Despite the difficulties, QCP Capital remains cautiously optimistic. The firm believes the scary supply figures are likely exaggerated and predicts the market will likely remain flat in a range. He also suggested that the market may test the 50K levels, but expects to find strong support there due to the continued interest of traditional finance (TradFi) amidst general regulatory easing across the world.
In conclusion, although the cryptocurrency market is facing some headwinds, QCP Capital believes the underlying fundamentals remain strong. The firm expects the market to overcome current challenges and continue to attract interest from a wide range of investors.
*This is not investment advice.
