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Bitcoin price continues its up and down movements and is at $62,400 as of writing. The current situation, which means more weakness for altcoins, is discouraging. So, what are the latest market predictions from QCP analysts? What awaits investors in the coming days?
Cryptocurrency Expert Opinions
We are going through days where we clearly see the impact of macroeconomic developments on crypto. The growing belief that the US Fed will fail in its fight against inflation and the weakening economy creates a difficult dilemma. QCP analysts wrote the following in their latest market assessment:
“Two important headlines were made overnight;
The State of Wisconsin purchased $100 million worth of BTC spot ETF from Blackrock. We are watching to see if other state institutions or pension funds will do the same.
Vanguard, the second largest asset manager in the US, which has so far avoided launching a BTC ETF, appointed Salim Ramji, a crypto-friendly CEO. Ramji, who joined from BlackRock, was part of the IBIT efforts. Does this mean Vanguard will soon launch a BTC spot ETF? If so, does it open a new pool of demand?
– BTC price is stuck in the 60-63.5k range despite high PPI figures and a somewhat dovish speech from Powell excluding a rate hike.
– Maybe tonight’s US CPI figures will see BTC break out of this range.
The market expects a lower CPI reading, which will be bullish for risk assets. Also, we think any dip will continue to be bought because
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The market continues to focus on rate cuts
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Liquidity inflows from global rate cuts and ongoing high fiscal spending
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Increasing acceptance of Bitcoin by governments”
Will Bitcoin Rise?
Under current conditions, one of the biggest obstacles for investors is the final decision on spot Ether ETF applications. The responses to Ark and VanEck applications on May 23-24 are one of the reasons for the weakness in altcoins.
With its latest steps, the SEC has almost shouted that it will issue a rejection decision, and with the official announcement, the expectation will be realized. After this process, while the impact of the already priced-in bad event diminishes, we may see some rise in the markets.
