Bitcoin (BTC) price analysts, who recently predicted a dip and subsequent rise, were proven right. BTC price made an unexpected 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 Rise and Expert Commentary
After Trump was shot in the ear, Bitcoin began to surge as if shot in the foot. How high it can jump remains to be seen, but things have been going well for the past 24 hours. 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 said they received many dip signals throughout last week and expected a rise in Bitcoin price. Now, as predicted by the analysts, BTC is heading north, and altcoins are turning green again. This movement is supported by reasons such as the daily RSI hitting 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. The current situation and future predictions make the latest assessment from QCP analysts important. In today’s analysis, the analysts wrote:
“The failed assassination attempt on Donald Trump at the beginning of the weekend triggered a rally in crypto prices. The strong upward momentum continued into the Monday Asian session, driven by aggressive programmed BTC purchases from 5 AM to 1 PM on Coinbase (quite unusual flow for a Sunday evening in the US).
All this movement seems 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 clearly positive for crypto prices due to his pro-crypto stance.
We believe the market was already positioned for a rally, with the German government depleting its supply and large hedge funds aggressively buying calls last week. Trump was the 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 have started to see some institutional players protecting themselves from the downside effects of the rally by recently buying bonds. Perhaps the US will instead reduce the movement.
We maintain our medium-term bullish outlook due to the continued strong demand from BTC spot ETF entries and the recent launch of the ETH spot ETF as a catalyst.”
