The cryptocurrency market needs a more significant catalyst than former US President Donald Trump's Bitcoin 2024 speech to trigger a major breakout, according to QCP Capital analysts.
“Trump's speech reflected the industry's expectations, but the market may need a more significant catalyst for a big breakout. This catalyst could occur closer to the US elections, when promises and policies are more clearly defined,” they commented.
Despite Trump's upbeat remarks at a conference in Nashville on Saturday, Bitcoin failed to surpass its all-time high, leading analysts at QCP Capital to suggest BTC could continue trading in a range.
In addition, Bitfinex analysts noted that there has been a recent decrease in the implied volatility of options in the Bitcoin market and an increase in leveraged positions, indicating that BTC may remain in a range in the short term.
However, they highlighted the potential for loosening monetary policy as a factor that could support Bitcoin's price and create bullish momentum.
*This is not investment advice.