QCP Capital doubted market hype after spot Bitcoin ETFs launch
The Singapore-based crypto trading firm QCP Capital believes that actual demand for the spot Bitcoin (BTC) ETF at launch will not meet market expectations.
According to QCP Capital analysts, the market may not receive the expected demand in the first weeks after the spot Bitcoin ETF launch. This creates a classic “sell the news” scenario in the 2nd week of January — analysts expect approval of the ETF during this period .
For this reason, QCP Capital expects upper resistance in BTC to be in the $45,000-$48,500 area and possible fall to the $36,000 levels before the uptrend resumes.
“We are confident that the trend higher will eventually continue (perhaps after a few weeks) as the market positions for a strong rally into the BTC halving.”
QCP Capital analysts
Experts also point out that Ethereum (ETH) could be another exciting prospect as market expectations could quickly switch to the ETH spot ETF.
At the same time, Matrixport analysts expect a more optimistic scenario after the spot Bitcoin ETFs approval. Experts believe the rate could rise above $50,000 by the end of January 2024.
They also note that historically, Bitcoin has gradually increased by +3% from Christmas to New Year’s (Dec. 24 to 31). However, in some significant cases, BTC prices have increased thrice (2011, 2013, and 2020), sometimes even by +22%.
“This also means that Bitcoin has a high chance of breaking higher during Christmas, and we strongly expect Bitcoin to reach $50,000 if Bitcoin Spot ETFs are approved by then.”
Matrixport experts
On Dec. 20, Bitcoin surpassed the $44,000 mark for the second time last month. Since the beginning of the year, the asset’s price has risen by 160%, updating multi-month highs. The hype around BTC is associated with the expectation of the imminent approval of spot Bitcoin ETFs, as well as the halving, which is scheduled to take place in the spring of 2024.
Against the background of a green market, many experts expect further growth of BTC. In particular, analysts are making bold predictions regarding the price of BTC, for example, a surge to $100,000.
