Analysts at QCP Capital noted “The price volatility of BTC from a cold wallet Mt. Gox this morning triggered a sell-off and caused the coin's price to drop to below $68,000 USD.
* QCP highlights 3 reasons to maintain confidence in Bitcoin:
• The strong performance of US stocks is impacting the cryptocurrency market.
• Political support from US presidential candidates
• Upcoming launch of spot ETH ETFs.
=> QCP emphasized that these reasons show that this optimism is only in the early stages. Trading of Ether ETFs has yet to begin after the US regulator's surprise approval, which came just this month.
It's not just QCP that predicts Bitcoin's strong performance in the second half of 2024. Financial research firm Fundstrat Global Advisors has made a more optimistic assessment in its prediction that Bitcoin price could reach $150,000. USD at the end of the year. Traders are also looking forward to the upward momentum of this coin that will take place in June and bring it to a new ATH of $95,000 USD.
* Recent BTC drop due to volatility coming from Mt. Gox is considered temporary?
Recently a famous Jelly trader commented as follows:
“Bitcoin is in a bull flag pattern, although Mt. Gox transferred a significant amount of coins. Market is ranging but will be absolutely bullish if BTC returns above $70,000 USD again.”
=> The chart above shows that the spike could end in a sideways phase, which points to further bullish momentum for Bitcoin.
