Today, US markets will be closed due to a public holiday, and Bitcoin hovers around $68,500. The environment is relatively good for altcoins. Amid the rise in ETH prices, altcoins are making feeble attempts. So, what are the current price predictions from QCP analysts for the markets? When will the expected rise in cryptocurrencies begin?
When Will Cryptocurrencies Rise?
A significant portion of investors is now even dreaming about why cryptocurrencies are not rising yet. However, cryptocurrencies are rising. In November 2022, Bitcoin hit rock bottom at $15,500 and has climbed to $68,500 today. The price, which is $53,000 above the bottom, still does not satisfy many investors. Perhaps the guilt of not taking advantage of the bottom drives them to this absurdity?
ETH price has been rising since it dipped below $1,000 and is now about to surpass $4,000. Cryptocurrencies have been in an upward trend for a long time and are making massive gains. However, the normalization of the price perception, with BTC rising to $73,777 and experiencing a 5-10 thousand dollar loss, psychologically and irrationally wears out some investors.
According to historical levels, the steady rise in cryptocurrencies will continue. However, this rise will occur with intermittent drops, similar to the intermediate rises experienced during bear markets when the price was hitting new lows.
QCP Analysts’ Crypto Commentary
After addressing why the “why isn’t crypto rising” voices are meaningless, we can look at the latest predictions from QCP analysts regarding the markets. Trump made some statements, and we shared them with you over the weekend. QCP experts are also focusing primarily on this topic.
“- ETH likely rose from 3810 to 3940 during the Asian opening, influenced by Trump’s pro-crypto comments over the weekend.
– From today’s price movements, it is seen that market participants are expressing their rises in ETH rather than BTC, especially with the potential institutional demand when the ETH spot ETF starts trading, this will become even clearer.
– Although we are structurally positive on ETH, we do not see a major breakout until we get more clarity on S-1 approvals and some entry data, which should only be a matter of time.
Crypto should be maintained as a support at $3,000 while it becomes a card for the upcoming US elections and with the potential institutional interest when the spot ETF hits the market. Purchases close to this region could yield gains.”
