BTC tested the $60,000 mark again today but hasn’t succeeded yet. Moving away from the bottom is positive. A weekly close at current levels could be motivating for a new upward wave. Meanwhile, Germany’s BKA has just over 10,000 BTC left. Tens of thousands of BTC were sold during this period. What do QCP Capital experts think?
Market Experts’ Crypto Commentary
The rise of the king cryptocurrency brought a weak recovery in altcoins. FUD was strong, and investors panicked more than the sales. The uncertainty of the MTGOX refund speed fueled investor concerns. So, what did QCP Capital experts say in their latest market assessment?
“The macro environment improved last week, and despite significant selling pressure, we believe crypto has bottomed out.
We maintain our bullish outlook for several reasons;
Labor figures were softer last week, and even Powell’s Senate testimony confirmed that market conditions are progressing towards their ultimate goals.
Despite the German Police selling over 6000 BTC and the MTGOX incident, BTC formed a double bottom and did not fall below 54,000.
Softer CPI figures tomorrow could strengthen the Fed’s likelihood of making cuts in September and December.
The rush for S-1 revisions for ETH spot ETFs could indicate that transactions will happen soon. Especially if applicants announce their fee schedules, we believe this will happen this month.”
Cryptocurrencies Will Rise
Experts expect a rise amid improvements on the macroeconomic front as Germany’s FUD weakens. Silkroad and other US sales occur much less frequently compared to Germany’s. So, after Germany sells its remaining 10,000 BTC, the only major FUD left will be MTGOX.
MTGOX last moved assets 5 days ago. It’s unclear how much will be refunded in cash and how much will be returned directly as BTC. If the market’s expectation of Fed rate cuts strengthens when all this uncertainty is resolved, we could see better days in August.
