China Stimulus To Boost Crypto Outlook As ‘’Stars Are Aligning’’ For Macro Environment, QCP Capital Says
China stimulus and favorable global macroeconomic factors will create a bullish environment for risky assets like crypto, according to QCP Capital.
“We believe more easing is coming from the People’s Bank of China (PBoC), and they have communicated as much,” QCP Capital said in a Sept. 25 blog post. “All major central banks, except Bank of Japan, are now ready to inject more liquidity into the market. The macro space continues to look more and more bullish for risk assets, including crypto.”
The People’s Bank of China (PBoC) cut interest rates today and plans to reduce the cash banks must hold as reserves as part of a broad stimulus package to support its faltering economy.
“The stars are aligning in the macro environment, which could drive crypto prices higher,” the QCP analysts said. “We know how explosive crypto prices can be, and with so many bullish catalysts, we think the next move higher will leave many people surprised and sidelined.”
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