Cryptocurrency analysis company QCP Capital analysts talked about the next stops of the Bitcoin price in their statement.

Cryptocurrency analysis company QCP Capital shared its perspective on the current situation of Bitcoin and the general cryptocurrency market in a recent statement. . The firm highlighted various factors that could impact market dynamics in the near term.

QCP Capital notes that the market is currently Mt. Gox stated that it is struggling with an overwhelming supply resulting from BTC unlocks and sales by government agencies. This led to a bearish trend, pushing Bitcoin back to the 60k support zone. The company questioned whether this level, which proved to be a solid support level in the 2nd quarter, could hold under these conditions.

Despite the difficulties experienced, QCP Capital is cautiously optimistic. The firm believes the scary supply numbers are likely exaggerated and predicts the market will likely remain flat in a range. He also suggested that the market may test the 50K levels, but expects to find strong support there due to the continued interest of traditional finance (TradFi) amidst general regulatory easing across the world.