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Bitcoin (BTC) price analysts who predicted a dip and subsequent rise were proven right. BTC price made an unusual weekend comeback, turning upwards in a low-volume environment. As of writing, BTC lingered at $62,500, triggering rapid recoveries in altcoins. So, what is the latest assessment from QCP analysts?
Cryptocurrency Surge and Expert Commentary
After Trump was shot in the ear, Bitcoin began to surge as if shot in the foot. Time will tell how high it can go, but the last 24 hours have been positive. The anticipated rise around the November elections, which we have been discussing for over a year, seems to be becoming more evident.
QCP Capital Analysts stated that they received numerous dip signals last week and expected a rise in Bitcoin price. As predicted by the analysts, BTC is heading north, and altcoins are turning green again. This movement is supported by factors like the daily RSI hitting the bottom and whales buying 100,000 BTC in a week.
QCP Capital Comments
Bitcoin price rising to $63,243 is positive, but more is needed. For current conditions and future predictions, the latest assessment from QCP analysts is important. In today’s analysis, the analysts wrote:
“The failed assassination attempt on Donald Trump at the start of the weekend triggered a rally in crypto prices. The strong upward momentum continued into the Monday Asia session, driven by aggressive programmed BTC purchases on Coinbase from 5 AM to 1 PM (a highly unusual flow for a Sunday evening in the US).
All this movement appears to be due to the market pricing in a Trump victory in the upcoming elections (similar to Reagan after a failed assassination attempt in 1981), which is positive for crypto prices due to his clearly pro-crypto stance.
We believe the market was already positioned for a rally with the German government exhausting its supply and large hedge funds aggressively buying calls last week. Trump was a perfect trigger for a market wanting to continue for a long time.
The main question is whether this rise will continue. Will there be a significant short squeeze at the US opening? We are starting to see some institutional players protecting themselves from the downside effects of the rally by recently buying bonds. Perhaps the US will instead dampen the movement.
We maintain our medium-term bullish view due to continued strong demand from BTC spot ETF inflows and the recent launch of ETH spot ETF as a catalyst.”
