QCP analysts, who have made many accurate predictions in the past, have now released their latest predictions about the markets. Investors are unable to determine the right time to buy due to ongoing uncertainty. On the other hand, yesterday’s rapid decline was enough to scare risk-taking investors. However, today’s BTC price recovery did not significantly improve volumes.
QCP Analysts’ Bitcoin Commentary
At the time of writing this article, the king of cryptocurrencies is finding buyers at $26,072. Although it has surpassed $1,000 compared to yesterday, the possibility of a deeper dip below $26,800 remains as long as the closing prices below $25,000 continue. So what do QCP analysts say about the current situation?
“Now, there are a little over three months left until 2024, and we have entered the last three weeks of the third quarter. In this quarter, the end of the quarter coincides with the last trading day of the month on September 29th. Based on both plans, we expect a final drop to close the quarter at bottom levels. We expect this to be supported by a higher-than-expected CPI tomorrow, a more hawkish FOMC next week, and also FTX asset sales. Additionally, the MTGOX sales should not be forgotten.”
Experts expecting a near-term dip in the crypto markets point to October.
“Therefore, although our theory indicates a bottom in the early days of next month, we believe that the real bottom will come in mid-October, when the bad news cycle completes its course. However, our expectation of an upward trend continues until the end of the year and the first quarter of next year.”
Bitcoin Current Chart
The BTC price has dropped below the horizontal support zone several times. After a brief loss of support, we have seen the price reclaiming this zone. If we can see closes above $26,420, we can see the price retesting the $28,000 region. After that, the journey towards the $31,000 peak will begin.
For now, there is no clear sign of a reversal, but it is important that the support level is being maintained. The cumulative volume in cryptocurrencies is at $38 billion. After staying below $30 billion for a long time, even though the volume is weak, its tendency to rise is positive. The cumulative value of cryptocurrencies is at $1.04 trillion, and reclaiming the $1.09 region could support a recovery towards the $31,000 region.
