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.

Comments

Post a Comment

Popular posts from this blog

Barry Silbert deletes old tweets amid GBTC selloff

Under-fire Digital Currency Group founder Barry Silbert has apparently deleted a raft of his old tweets . According to his X (formerly Twitter) account, Silbert signed up in October 2011, however, at the time of writing, his timeline shows no tweets or replies older than January 5 this year. Luckily for die-hard Silbert fans, X user Pledditor has screenshotted some of his “greatest hits.” Looks like @BarrySilbert has deleted all his old tweets The good news? I have screenshotted some of his greatest hits pic.twitter.com/GLWPbCf5mN — Pledditor #FixTheFilters (@Pledditor) January 15, 2024 Read more: Former DCG advisor Larry Summers on list of Jeffrey Epstein’s ‘Harvard friends’ Among the messages saved by Pledditor is a classic in which Silbert brands himself a “ complete and total professional failure ,” and one in which he advises Dogecoin holders to convert it to bitcoin. It’s not clear what prompted Silbert’s Social Media cull but he’s currently taking Social Media flak
Read more

Trader Issues Warning on Solana Rival That’s Up 247% in One Month, Updates Outlook on LDO and One Other Altcoin

Image
A widely followed crypto strategist warns that a Solana (SOL) competitor that’s up more than 3x in the last 30 days is flashing signals that it may have printed a short-term top. The pseudonymous analyst known as Altcoin Sherpa tells his 205,700 followers on the social media platform X that while layer-1 blockchain Sei (SEI) is still in an uptrend, it starting to show signs of bullish exhaustion. “Why it looks good: -consolidation and highly bullish high time frame market structure -still bullish on all time frames -EMAs (exponential moving averages) all catching up + other alts looking strong Why it doesn’t: -could be an exhaustion pump here and last big move up -could be rotation from others (SOL/SEI/etc/) to ETH season also known as ARB/LDO/OP -dying volume/some signs of distribution here.”  Source: Altcoin Sherpa/X At time of writing, SEI is trading for $0.785, up over 247% from its 30-day low of $0.226. The trader is also keeping an eye on the price
Read more

Nuant becomes a member of the OpenWealth Association

On January 18, Nuant joined the OpenWealth Association, contributing to advancing digital assets risk management within Swiss banking, WealthTech, and traditional finance, per the information shared with Finbold. In doing so, Nuant recently joined traditional finance entities such as Credit Suisse, LGT, VP Bank, and WealthTech firms like Assetmax and InvestSuite. This strategic partnership represents a noteworthy progression in crypto investment risk management within Switzerland’s financial sector. The OpenWealth Association aims to establish, uphold, and implement open Application Programming Interface (API) standards within the global wealth management community. This commitment aims to facilitate seamless financial data exchange among institutions. Nuant as representative of the CeDeFi sector Cryptocurrency Anthony Scaramucci says Bitcoin to skyrocket to $170,000 by 2025 Cryptocurrency Donald Trump says he’ll ‘never allow a CBDC’ if elected
Read more