BTC price can reach $34K as Bitcoin faces support 'kiss' — QCP Capital

1 year ago

Bitcoin (BTC) whitethorn beryllium weeks from a “sharo rally” toward $34,000, trading level QCP Capital believes.

In its latest marketplace update released connected Aug. 15, analysts said that the coming weeks see a cardinal determination constituent for BTC terms action.

BTC terms owed September "termination point"

With Bitcoin inactive rangebound aft months of indecisive behavior, marketplace observers are keen to predict the return of immoderate benignant of marketplace trend.

For QCP Capital, September is the cardinal period successful the calendar, acknowledgment to BTC/USD completing a rising wedge operation which began during the extremity of the 2022 carnivore market.

“On the charts, the wedge signifier that BTC has been trading successful since its 15k lows reaches its archetypal termination constituent astatine the commencement of Sep,” portion of the update explained.

QCP noted that the circumstantial country of involvement was $29,300 — precisely the existent focal constituent for the Bitcoin spot price.

“Will determination beryllium a crisp rally that takes america to the 34k absorption — similar the anterior 3 times which kissed the enactment trendline this year?” it continued astir the rising wedge.

“We deliberation it could inactive beryllium different quiescent fewer weeks earlier we find out. We are connected the lookout to bargain backmost our end-Sep abbreviated calls and spell agelong end-Dec vol successful owed time.”

QCP’s position chimes with assorted much optimistic takes connected BTC terms spot for the abbreviated term, including 1 which gives October arsenic the deadline for the return of the 2023 Bitcoin bull market.

As Cointelegraph reported, however, marketplace expectations are fragmented connected the topic, with others informing that caller lows whitethorn yet participate earlier a wide betterment ensues.

No macro BTC terms catalyst successful sight

Addressing macroeconomic trends, QCP meantime argued that important alteration was inactive to appear, echoing the presumption quo successful crypto.

“The past clip trading was this compressed, it was during the crypto wintertime of 2018 and 2019, and it took a alteration successful the macro situation to revive the marketplace again,” it wrote.

Bitcoin's volatility is challenging historical lows, arsenic shown by Bitcoin Historical Volatility Index (BVOL) information from TradingView.

“While that crippled changing displacement successful the macro situation is not yet successful sight, determination are a fewer abbreviated word catalysts coming up connected the crypto calendar precocious adjacent month, including Mt Gox, GBTC, a imaginable SEC verdict connected Blackrock/Fidelity’s applications, and immoderate imaginable centralized crypto speech and stablecoin news," QCP continued.

Among different things, analysts referenced the September deadline for commentary connected the archetypal Bitcoin spot terms exchange-traded money (ETF) applications — wide considered to beryllium a turning constituent for the industry.

Europe’s archetypal Bitcoin spot ETF began trading connected Aug. 15, custodied by Fidelity Investments.

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