QCP Capital: No Need to Worry About Bitcoin, US Will Move the Price Up!
QCP Capital predicts that the Bitcoin decline that came in parallel with the Middle East tensions is temporary and that the recovery in US stock markets will positively affect crypto markets.
According to the analysis shared by cryptocurrency market researcher QCP Capital on Telegram on October 3, the tensions in the Middle East are causing uncertainty in the markets and crypto assets are also negatively affected.
QCP stated that Bitcoin faced a sell-off wave where Ethereum fell to $59,972 and below $2,400, while the price indicated a short-term bearish outlook. However, QCP predicts that this weakness is temporary. Emphasizing that cryptocurrencies are in strong correlation with US stock markets, QCP thinks that the recovery in US stocks will also positively affect crypto markets:
Given the strong correlation between crypto and US stocks, we believe that this weakness is temporary.
On the other hand, the company said that the non-farm payrolls data to be released tomorrow has become even more important as the ADP employment data exceeded expectations. It was also stated that the positive progress of the labor force data with the interest rate cuts could increase the interest in risk assets.
Stay tuned for new information.
