QCP Announces the Level Where Bitcoin Will Find “Strong Support”

QCP states that Bitcoin (BTC) has fallen back to the $60,000 support zone after the negative news spread throughout the week.

Analysts point to various factors as to whether this level can be maintained.

50 thousand dollars warning

According to QCP analysts, the $58-60k range has been a solid support level for Bitcoin throughout the second quarter. But this time, the markets are following the collapse of the bankrupt cryptocurrency exchange Mt. It has to cope with the huge supply coming from sales of coins that Gox will distribute and government institutions.

Analysts predict that although the amount of coins to be supplied seems scary, it is probably exaggerated and the market will remain horizontal within a range.

Analysts think that a bearish test towards the $50,000 levels is possible, but the market will find strong support there. This expectation is supported by the increased interest of traditional financial institutions that comes with the general loosening of regulation globally.

Ethereum and Solana impact

QCP also notes that the Ethereum (ETH) spot ETF is also a significant catalyst for the upside and is likely to begin trading in early July.

According to research by cryptocurrency company Gemini, spot Ethereum ETFs can attract $ 5 billion in investment within the first 6 months after entering the market.

Additionally, he predicts that spot ETFs for other major digital assets such as Solana (SOL) will also create excitement in the market.

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