Bitcoin price is trading at $67,800 and fell to $67,277 in the last 24 hours. The price remains volatile. The only discouraging factor for investors was the MTGOX transfers yesterday, but we have not seen a new statement that distributions will be binding before the end of the year. This caused some selling due to the anxiety.
QCP Analysts’ Crypto Commentary
QCP Analysts, closely monitoring macroeconomic and crypto-specific developments, expect a significant breakout today, hence they have increased their updates. Many experts have been saying for weeks that the price, which has been stuck in a narrow range, should now experience a sharp breakout. So, what details were mentioned in QCP analysts’ evaluation today?
“While waiting for the next phase of ETH spot ETF approval, we returned to quiet markets where BTC once again traded in the 60k-70k range to reach equilibrium.
The market quickly dismissed the confirmation that the MtGox wallet movement was in preparation for distribution. The only thing disrupting this is the persistently high spot-forward basis and perp funding, indicating a strong positioning and thus a potential downside risk.
We continue to prefer the most suitable trades that maximize the forward spot basis alongside long-term ETH bullish trades.”
Ethereum Prediction
ETH reaching a new all-time high would be highly motivating for the rest of the altcoins. It could also trigger a shift of more cash from BTC to altcoins due to a decrease in Bitcoin’s market dominance. However, for this to happen, we need to look at the ETHBTC pair. There is a significant hurdle to overcome here.
ETH, recovering from 0.0447 BTC, is now targeting the 0.0575 resistance. The outlook remains positive as the 0.0558 BTC level is maintained as support. After surpassing the first resistance here, new targets above 0.0603 may come into play.
Spot ETH ETF S-1 Form approvals will come within a few weeks. The launch date will be clarified afterward. We might see a short-term sell-the-news event, but unless we see abnormal sales in the ETF channel to be issued by Grayscale named ETHE, ETH could lead altcoins to new highs.
