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At the time of writing, the leading cryptocurrency quickly reached $66,441 and suddenly increased by $700. Whether this will be permanent remains to be seen. However, the opportunity for altcoins, which fell back to their prices during the days when BTC saw prices in the $30,000 range due to excessive selling, is ending in a few days. Those who bravely took advantage of the dips were rewarded with double-digit gains within hours.
QCP Capital Crypto Predictions
QCP failed to accurately read the macroeconomic situation during the Fed week. Analysts, who did not anticipate that Fed members would revise their interest rate forecasts upwards, were expecting a rise, not considering the days-long declines. BTC quickly fell from $72,000 to below $65,000.
Just a few minutes before the BTC increase, they wrote the following in their market analysis;
“Despite the following developments, BTC continues to defend the 65k level well on cryptocurrency exchanges;
A wallet identified by Arkham as belonging to the German Police transferred 500 BTC to Bitstamp and Kraken, indicating a potential sale soon. This wallet currently holds approximately 43,000 BTC worth $2.83 billion.
BTC ETFs also saw a net outflow of $714 million last week. In the options market, we observed an abnormally large buying flow in December and March 90-100k calls in the last 24 hours. We believe this indicates that the market has bottomed out and is likely positioned for a sustainable rally until 2025.
Take advantage of this consolidation period to accumulate BTC at a discount before the next rise.”
Cryptocurrency Comments
In a scenario where inflation continues to fall, the exaggerated three-year interest rate forecasts of the Fed are expected to become meaningless. However, recent inflation data suggests that Fed members may have taken such a position at least to maintain deterrence. While the ECB and others have started cuts, the Fed may not want to enter the upcoming elections with such a tight stance.
The first cut is currently expected in September, and ETH ETFs are expected to start trading on exchanges at the beginning of July. This points to a timeline that supports the historically backed bull story from August onwards until the second half of next year.
