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Many historical events have recently taken place, and Bitcoin still has not reached six-figure prices. This is not surprising, and the lows and highs always appear as a result of a process. If we did not see how the price suddenly dropped to $15,500 in the last bear market, we will experience a similar process for the real peak.
QCP Crypto Currency Predictions
QCP analysts are making updates more frequently these days. It is important to review their predictions to understand the current macroeconomic situation. On the other hand, examining as many notable analyst comments as possible can make your market predictions more accurate.
QCP Capital wrote in its market assessment published today;
“Markets are currently pricing in two interest rate cuts by the Fed this year, with the first cut expected only in September. To make matters worse, BTC spot ETF flows have flattened again after strong entries last Friday and the previous Monday. Our expectation is not for any downturn panic but for lower volatility and continued consolidation.”
Bitcoin Will Reach $75,000
QCP was relatively cautious because lengthy consolidation processes after a halving are not surprising. However, the popular crypto currency analyst Titan of Crypto does not expect the current consolidation period to last that long. Moreover, the price could soon exceed $75,000 at the end of this process.
In the chart he shared, the analyst writes that a possible inverse head and shoulders formation has formed, and he is confident that we will not see a major drop below $55,000.
“The worst-case scenario would be BTC falling to the lower line of the decreasing expanding wedge.”
Titan of Crypto expects Bitcoin to reach six figures for the first time. However, he certainly emphasizes that this will require patience and time. While ETF entries have slowed and the macroeconomic outlook has changed significantly towards the beginning of 2024, this time could be expressed in months.
“Watch the $61,500 level. Manipulation could occur there.”
At the time this article was prepared, BTC was finding buyers at $62,150.
