QCP Capital analysis, next month's Mt. He states that Bitcoin prices could start near bottoms in Q4 as optimism for spot ETFs, including the Gox payment, fades again.
Mt. Gox was one of the largest Bitcoin exchanges that collapsed in 2014 after having 850,000 Bitcoins worth approximately $450 million at the time stolen. Mt. Gox's creditors are expected to receive their share of the remaining Bitcoins next month, which could have an impact on the market.
However, with the approval of the ETF in March, the BTC halving in April and the possible slowdown in the US economy in the 2nd quarter, a sharp recovery may occur in the 1st quarter of 2024.
In its analysis, QCP Capital said that with Grayscale's latest victory, the SEC fell 2-0 against the cryptocurrency industry and that the institution's situation was not good.
However, although the SEC appealed in the Ripple case, it was stated that in the Grayscale case, this would not be as easy as thought and the possibility of an appeal was not certain due to the complexity of the case.
However, analysts underline that while the outcome of the lawsuit was good for the cryptocurrency market, the outcome did not oblige the SEC to convert its GBTC product into a Bitcoin Spot ETF. According to analysts, even if Grayscale re-applies, the SEC may still reject this application.
*This is not investment advice.
