QCP Capital remains skeptical of market excitement following the introduction of spot Bitcoin ETFs
QCP Capital, a crypto trading firm based in Singapore, predicts that the actual demand for the spot Bitcoin ETF at its launch will not meet market expectations. The analysts at QCP Capital believe that in the first few weeks after the launch of the Bitcoin ETF, the market may not see the anticipated demand, creating a “sell the news” scenario in the second week of January. The approval of the ETF is expected during this period.
For this reason, QCP Capital expects resistance in BTC to be between $45,000 and $48,500, with a possible drop to $36,000 before the uptrend resumes. The experts also suggest that Ethereum could be an exciting prospect, as market expectations could quickly shift towards an ETH spot ETF.
On the other hand, analysts at Matrixport have a more optimistic outlook after the approval of the spot Bitcoin ETFs. They believe that the price could surpass $50,000 by the end of January 2024. They also note that historically, Bitcoin has seen gradual increases of around 3% from Christmas to New Year’s. However, in some significant cases, such as in 2011, 2013, and 2020, BTC prices have increased by as much as 22%.
On December 20, Bitcoin surpassed the $44,000 mark for the second time last month. Since the beginning of the year, the price of Bitcoin has risen by 160%, reaching multi-month highs. The excitement surrounding BTC is due to the anticipation of the approval of spot Bitcoin ETFs and the upcoming halving scheduled for the spring of 2024.
With a positive market trend, many experts expect further growth for BTC. Some analysts even make bold predictions, such as a surge to $100,000.
