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Bitcoin under $70k? For QCP Capital, “a golden opportunity”

Data relating to the US labor market have caused Bitcoin to stumble below $70k in recent days, but for some analysts it could just be an opportunity. In recent days, Bitcoin has failed to maintain a share above 70 thousand dollars, consequently losing fundamental psychological support to be able to hope for a new rise.

As already reported, BTC mainly pays the bill from the US economy, whose labor market data far exceeded forecasts (272,000 new jobs against 185,000).

The data as such is not bad in itself, but it seems to once again trigger strong "risk aversion" among investors, who at this point are also on alert regarding the next FOMC and the Fed's decision on interest rates.

Inflation remains the main problem, and the bullish strategy of investors on the markets depends on a cut in interest rates, potentially favorable for BTC. However, there are those who also see an opportunity in this "stumble", such as the trading company QCP Capital, which in a recent report described the current scenario as an "opportunity" for investors.

According to the company, a rise in BTC still remains the most likely scenario, starting precisely from the macro data. To begin with, the US labor market data itself reveals an increase in the unemployment rate, while throughout the world several states have already lowered interest rates, starting with Europe with the ECB.

“It will be difficult for the US to ignore this while the rest of the world continues to cut rates,” QCP Capital said.

CME Group predicts that, for the next FOMC, interest rates will remain unchanged with a probability of 99.4%. However, the hope of seeing at least two cuts by 2024, starting in September, remains concrete.