The price of Bitcoin appears to be testing the $29,250 support level at the time of writing, but analysts remain hopeful. QCP analysts, who regularly share market predictions, have drawn attention to an important detail in their latest assessment. They suggest that we may see a surprising movement in the price of BTC in the coming weeks. So, what are the predictions?
Expert Opinions on Bitcoin
QCP Capital analysts state in their latest market evaluation that Bitcoin could be just a few weeks away from a “sharp rally” towards $34,000. If they are right, the price of BTC will reach a crucial point in the next few weeks. Due to Bitcoin’s ongoing oscillation after months of indecision, market observers are eager to predict a return to a certain market trend.
According to QCP Capital, September is the most important month on the calendar, as BTC/USD is expected to complete an ascending wedge structure that started at the end of 2022. A section of the update reads as follows:
“On the charts, Bitcoin’s wedge pattern, which has been trading since the $15,000 low, reaches its first termination point in early September.”
Will Bitcoin Price Increase?
QCP has stated that the specific area of interest is $29,300. At the time of writing, the price remains in this range and has been staying in this region for weeks. Ignoring temporary jumps and drops, the price of BTC seems to be anchored to this mentioned demand area. The following statement was made in QCP analysts’ latest market evaluation:
“Will there be a sharp rally that takes us to the $34,000 resistance? If the price, which has touched the support trend line three times this year, does it again, it could test $34,000. We believe that a few more weeks may pass calmly before we learn this. We are ready to buy back our short positions at the end of September and take advantage of the December volatility when the time comes.”
QCP’s perspective sets October as the final deadline for the return of the 2023 Bitcoin bull market. Taking into account macroeconomic trends, QCP argued that there has not yet been a significant change reflecting the still ongoing status quo in the crypto market.
“Trading has been this tight only during the crypto winter of 2018 and 2019, and there needs to be a change in the macro environment to revive the market. Although this game-changing move in the macro environment is not yet visible, there are still many short-term price catalysts ahead of us. These include MTGOX, GBTC, possible SEC decisions regarding applications from Blackrock/Fidelity, developments related to centralized exchanges, regulations related to stablecoins, and many more.”
