Bitcoin bulls have little to worry about regarding the BTC price uptrend, according to QCP Capital. The recent movement of coins from the defunct exchange Mt. Gox, which led to a 2% drop in BTC prices, is seen as a temporary setback rather than a significant shift in market trajectory.
QCP highlights three bullish reasons to maintain confidence in Bitcoin’s robustness: strong U.S. stock performance, political support, and upcoming Ether ETFs.
QCP Capital: Bitcoin (BTC) Price Drops Are Minor Setbacks in Uptrend
Bitcoin bulls have little to worry about regarding the BTC price uptrend, according to QCP Capital. The recent movement of coins from the defunct exchange Mt. Gox, which led to a 2% drop in BTC prices, is seen as a temporary setback rather than a significant shift in market trajectory.
Analysts at QCP Capital noted, “The movement of BTC from a Mt. Gox cold wallet this morning triggered a sell-off below $68,000. However, these bouts of supply anxiety are likely to be minor blips in a broader trend higher into the end of the year.” QCP highlights three bullish reasons to maintain confidence in Bitcoin’s robustness:
- Strong performance of U.S. stocks spilling over into the crypto market.
- Political support from U.S. presidential candidates.
- The upcoming launch of spot Ether exchange-traded funds (ETFs).
QCP emphasized that these reasons for optimism are in their early stages. Ether ETF trading has yet to begin following a surprise approval by U.S. regulators earlier this month.
Key Points:
- The recent BTC price dip due to Mt. Gox movements is seen as temporary.
- Strong U.S. stock performance and political support boost crypto optimism.
- Approval of Ether ETFs adds to the positive outlook for Bitcoin.
QCP is not alone in predicting a strong second half of 2024 for Bitcoin. Fundstrat Global Advisors, a financial research firm, is highly optimistic, forecasting Bitcoin to reach $150,000 per coin by year-end. Individual traders also expect momentum to pick up in June, with some predicting a new all-time high of $95,000.
#Bitcoin is holding the bullish flag, despite Mt. Gox transferring a boatload of coins.
Market is rangebound — but will quickly turn fully bullish if we get above $70,000 again.
Patience until then, but it looks strong.
— Jelle (@CryptoJelleNL) May 28, 2024
Popular trader Jelle commented, “Bitcoin is holding the bullish flag, despite Mt. Gox transferring a significant number of coins. The market is rangebound but will turn fully bullish if we get above $70,000 again. Patience is key, but it looks strong.”
An accompanying chart suggests a potential impulsive move as the consolidatory period concludes, indicating further bullish momentum for Bitcoin.
Bitcoin Price to Trade Bullish Over $68,350?
Bitcoin (BTC/USD) is trading at $68,721, showing a slight decline of 0.05% in the current session, however, the Bitcoin price prediction remains bullish. The pivot point, marked at $68,383, is critical in determining Bitcoin’s market direction. The immediate resistance level is at $69,566, followed by higher resistance levels at $70,577 and $71,938. On the downside, immediate support is found at $68,127, with further support at $67,213 and $66,338.
Technical Indicators:
- Relative Strength Index (RSI): The RSI is at 49.37, suggesting a neutral market sentiment, hovering around the midpoint and indicating balanced buying and selling pressures.
- 50 EMA (50-Day Exponential Moving Average): The 50 EMA is positioned at $68,383, acting as a significant resistance level that Bitcoin must surpass to confirm an upward trend.
An upward trendline is supporting Bitcoin near the $68,385 level. The recent formation of a bullish engulfing pattern, followed by a doji candle, suggests potential bullish momentum above the $67,200 mark.
Conclusion: Bitcoin is currently trading near its pivot point at $68,350. A bullish break above this level could drive the price towards the resistance levels at $69,566 and beyond. Conversely, if Bitcoin fails to hold above the pivot, it may test support levels at $68,127 and lower. The RSI and 50 EMA support a cautious outlook, with potential for upward movement contingent on breaking key resistance levels.
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From: cryptonews
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