Analysts discussed the potential for a rise in BTC prices despite rapid losses. We previously shared comments from QCP Capital analysts. Although they can’t always make accurate predictions, their latest forecast came true. So, what is expected now that BTC has surpassed $65,000?
QCP Capital Crypto Predictions
QCP analysts, who closely monitor macroeconomic developments and go beyond technical analysis with news-based evaluations, mentioned that the decline in crypto currencies wouldn’t be long-lasting. Today, as this article was being prepared, they shared new predictions about the markets.
“Over the past 2 weeks, we saw market participants panic as BTC dropped to 54k and altcoins lost 30% of their value. While there was blood on the streets, we maintained our medium-term bullish view.
When we said the macro picture was improving, we weren’t wearing rose-colored glasses. Powell recently stated in his speeches and interviews that significant progress has been made in reducing inflation. Markets are now pricing in a 100% chance of a rate cut in September!
Flows from German police have ended, and despite the upcoming distribution from Mt Gox, markets found strong bids to push BTC above 65k.
ETH spot ETF seems like a done deal with the SEC requesting final revisions in S-1 filings and fee schedules. Analysts predict trading will start on July 23.
Lastly, Trump selecting J.D. Vance as his Vice President provides another positive catalyst. Vance holds BTC in his wallet, and if Trump is elected, we expect him to lobby for crypto-friendly regulations.”
Bitcoin (BTC) Prediction
With closures above $60,200, BTC has resumed its rise. The king crypto currency needs to see more closures above the $62,500 and $64,000 thresholds. If it can do this, we might see another attempt at $70,000. This situation will accelerate the recovery of altcoins that have been losing value for months.
Some popular altcoins have started to recover to pre-decline levels with double-digit gains. The recovery in XRP Coin and SOL, in particular, clearly reflects the cash inflow into altcoins. For now, daily closures will be closely monitored by investors.
