According to Wu, QCP Capital noted that the market has to deal with the overwhelming supply from the Mt. Gox unlock and the sell-offs from government agencies. While the numbers may be exaggerated, the market will move sideways within a certain range and we may test the lower 50k level of Bitcoin. For BTC, the priority is to generate gains in the sideways market in the third quarter and use the generated gains to make some directional bets in the fourth quarter.
