QCP Capital Predicts A Spike in Bitcoin Market By The End of 2023

  • Macro headlines or market changes do not affect Bitcoin and Ethereum, says QCP Capital.
  • Bitcoin’s correlations with traditional macro drivers have declined to almost zero.
  • Crypto market’s sideways price movement started after the surge around the XRP ruling.

Macro headlines or market changes do not affect Bitcoin and Ethereum, says QCP Capital, a full-suite crypto asset trading firm. The firm noted that correlations with traditional macro drivers like the USD and equities have declined to almost zero.

QCP Capital shared a couple of screenshots showing the XBTUSD correlation against the DXY index, SPX index, and NDX index are all tending toward zero. That is happening while the crypto market trades softly and sideways. According to QCP Capital, the sideways price movement started after the surge around the XRP ruling earlier this month. It also spotted some contraction in the fringe sectors of NFTs and DeFi, as consolidation continues in the crypto industry.

The renowned crypto asset trading firm expects a spike in volatility and possibly a pronounced price increase in BTC towards the end of this year. It predicts the price increase will extend into next year, riding on the back of the Blackrock spot ETF ruling and the upcoming Bitcoin Halving.

According to QCP Capital, it extracted its projections from the very steep volume curve and a persistent call skew. However, the trading firm concluded its Analysis by noting that Accumulators are a strategy or product class that has performed significantly well, despite the sideways market. 

Bitcoin has traded between $31,818 and $28,842 for the past five weeks, according to data from TradingView. There are tighter price ranges even within this range when the pioneer cryptocurrency has experienced reduced volatility. QCP Capital’s Analysis shows that despite some macro indicators, Bitcoin and altcoins have remained reluctant in their movements.

The trading firm’s prediction suggests a momentum build-up influenced by ongoing accumulation. It also observed that the Blackrock spot ETF and the upcoming Bitcoin Halving would act as catalysts to trigger the anticipated bull run.

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