Positive comment for Bitcoin: “Uptober will continue”

QCP stated that the Bitcoin (BTC) price has reached $ 70,000 and spot ETFs have gained a new dimension.

QCP, which published a market report on Telegram, reported that an “exciting” week was behind the crypto market. QCP drew attention to the fact that BTC touched $ 69,000 with a 10 percent increase. The report stated that the psychological resistance level at $ 70,000 has become visible.

QCP evaluated whether the rally will continue next week without any macro data.

According to QCP’s report dated October 19, sustainable inflows will continue with the SEC approving BTC ETF options.

The QCP report stated that Bitcoin dominance is approaching 58 percent, a level seen in April 2021. The dominance, which is at its highest level of the year, is expected to reach the resistance at 60 percent and start to decline. QCP believes that this development in Bitcoin dominance will pave the way for a strong recovery in Tier-1 coins.

Arguing that the general outlook in the market is positive, QCP stated that inflation in Japan continues to weaken and headline inflation has decreased from 3.0 percent to 2.5 percent. Markets are focusing on the fact that the Bank of Japan will not increase interest rates in the near future. According to QCP, the macroeconomic outlook in Japan keeps BTC strong.

The report included the following statements;

“The fact that US stocks are near all-time highs and the Japanese yen has entered a new weakening trend indicates that risk perception will strengthen further as the US elections approach. This will push risk assets even higher and “Uptober” will continue.”

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