According to ChainCatcher, QCP Capital said in its latest market analysis that the macroeconomic background has become more optimistic over the past week and it believes that cryptocurrencies have bottomed out.
QCP Capital remains bullish for the following reasons:
Labor data was weak last week, and even Powell's testimony before the Senate reiterated that market conditions are moving toward their ultimate goal.
Despite the German police selling over 6,000 Bitcoins and the Mt Gox release hanging like a sword of Damocles over its head, Bitcoin formed a double bottom and did not fall below $54,000.
Lower CPI data due tomorrow could end up solidifying the Fed’s decision to cut rates in September and December.
The rush of S-1 Amendment filings for ETH spot ETFs could also indicate trading is imminent. We think this will happen this month, especially if the applicants release fee plans.
