The CEO of Ark Invest recently published his predictions for the current state of the cryptocurrency market, and they turned out to be accurate. QCP Analysts had already predicted the reason behind the recent rise in prices, which began on Monday. So, what do they expect now?
Will Cryptocurrencies Rise?
We previously shared the detailed predictions made by QCP analysts this week. They stated that the sale of MtGox would be postponed until next year, and it turns out they were right. The decision to postpone the sale was announced this morning, with the new date set for October next year.
However, despite this, the price of BTC had already anticipated this news, so apart from a slight increase in altcoins, we haven’t seen a significant recovery.
Now, due to unemployment claims falling below expectations, ongoing inflation caused by fuel price increases, the Federal Reserve’s hawkish stance, and an upward revision of the three-year interest rate projection, the price of Bitcoin is falling. Of course, the overall cryptocurrency market has also been affected by these sales.
With US stock markets starting the day with a nearly 1% loss, the sell-off in the crypto market has accelerated. All of this indicates that we may not see a strong recovery in the short term.
QCP Analysts’ Bitcoin Prediction
A few hours ago, analysts who correctly predicted this week’s developments shared their updated forecast for the market. Since the opinions of these analysis companies are taken more seriously in the market, it’s worth taking another look. In today’s evaluation, the experts wrote the following:
“Overnight, macro markets experienced a hawkish surprise from FOMC Dots (interest rate projection/dot plot), followed immediately by the official announcement of a delay in Mt. Gox for up to a year. And amidst all this, BTC did not move significantly. For us, this is a sign of weak positioning in the market, which limits the possibility of a sharp movement in the short term. Nevertheless, other macro markets are locked in a risky environment with 2 or fewer interest rate cuts expected in 2024. A decline from this region could start.”
The Elliott chart shared by the experts this week indicated a target of $23,000 for BTC. It was emphasized that a movement above $32,000 would invalidate the bearish scenario.
