Bitcoin price reached $62,400 but couldn’t stay there long and approached $61,000 again. Although the recent fluctuation in BTC price has calmed down for now, data coming on Thursday and Friday could have significant results. So, what are the current predictions of market experts? How do they evaluate the current situation?
Expert Commentary on Cryptocurrencies
BTC price is hovering around $61,300, and the recovery that started from $58,500 has halted for now. Altcoins quickly recovered their losses yesterday. However, the lack of continued increase in BTC price has also dampened risk appetite there. Recently, QCP Capital experts published their predictions regarding cryptocurrencies.
The brief market assessment states the following;
“As we approach the expiration of quarter-end options this Friday, the options market has remained quite quiet with the typical quarter-end vol sales being effective.
Today, there were some rumors about ETH ETFs trading soon;
VanEck filled out the 8-A form, and it is worth noting that the same form was filled out for the Bitcoin ETF exactly 7 days before its launch.
VanEck later announced that it would apply zero transaction fees for the first phase of ETH ETFs.
Especially, the ETH options market for the July expiry has not shown much excitement so far. If there is a significant development in the approval process, this could surprise the market.
ETH has shown strong support levels at 3,200 and 2,800, with the latter not being touched for more than four months. This situation forms a strong foundation for expressing a bullish view creatively by investing in Conditional Fixed Coupon Convertibles (CFCC) that provide up to 66% annual returns.”
Will Cryptocurrencies Rise?
On Thursday, the US GDP data will be released, and on Friday, we will witness the announcement of the PCE data. If we see something abnormal in the economic growth data, it could increase volatility as we experienced previously. The US economy should not collapse while fighting inflation. Excessive weakness, combined with the Fed’s insistence on fighting inflation, again results in a destructive outcome for crypto.
PCE data is another important detail that can convince Fed members in the fight against inflation. The Fed did not care about the latest inflation data, but if the PCE data also comes out positive, they may be more convinced of the decrease in inflation, which would bring a rise in crypto.
