QCP Capital provides insights on Bitcoin’s anticipated arrival
Experts at QCP Capital are speculating whether Bitcoin (BTC) could reach all-time highs before the end of March. As of now, BTC is trading at $58,300, a 4% increase in the past 24 hours and a 13% increase in the last seven days, according to CoinMarketCap data. QCP Capital analysts are considering the possibility of BTC reaching its all-time high earlier than expected, possibly before March 2024.
In their recent analysis, experts at QCP Capital presented both bullish and bearish scenarios for Bitcoin. The bullish scenario suggests that the ongoing large capital inflows into spot Bitcoin ETFs will continue to drive the uptrend, especially with the upcoming halving event. The spot ETFs have already surpassed $3.2 billion in volume, with a net inflow of $520 million. This significant increase in price has led to short liquidation and speculative buying, resulting in skyrocketing funding rates on local exchanges and even higher futures trading prices.
On the other hand, the second forecast suggests that volatile funding rates may limit speculative enthusiasm, leading to a reduction in leverage in the short term and a possible pullback towards the $50,000 level.
Bitcoin has experienced a 35% price increase since the beginning of this year and a nearly 250% increase since the beginning of last year. It is currently 16% away from its all-time high of $69,000 achieved in November 2021. The rally in BTC has also influenced the significant growth of other top 10 cryptocurrencies by market capitalization.
Several factors are contributing to the rally in the crypto market. These include an increase in funds inflow into crypto funds, the approaching halving event, and expectations of the Federal Reserve System (FRS) lowering the key interest rate.
As Bitcoin’s rally continues, the debate on whether Ethereum can surpass Bitcoin, known as the “flippening,” is also gaining attention.
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