QCP Capital experts predict that Bitcoin could continue to fluctuate near its peak levels for a while this week. Bitcoin started the expected rally in the last quarter, and Trump’s election victory could allow this rally to continue for a few more months. However, a serious negative macro data release this week could lead to a short-term correction in prices.$BTC
Bitcoin entered a dream period by reaching $83,894 and recently recorded a new all-time high. The price exceeding $82,000 pleased investors after a boring period. Those who expected an increase in the last quarter were right. So how are the current comments of QCP Capital analysts about the markets shaping up? Over the past week, we discussed how Bitcoin could test the $80,000 level and how Trump’s election victory triggered this big move. Expectations came true and the BTC price is moving towards six-figure targets.
QCP Capital experts make the following comments in their current analysis:
“Bitcoin continues to rise to record levels! Despite new highs being recorded, trading volumes did not react as expected due to large profit realizations in the long term. This is a positive sign for the market to continue this rally.
Bitcoin has broken through important resistance levels and recovered after a few months of sideways movement, and the market is currently very excited. Perpetual (perp) funding rates are quite high, and base yields are at their highest in the last 7 months. Structurally, the uptrend is expected to continue, but caution should be exercised against possible pullbacks, especially under the pressure of leveraged positions. Historical data shows that such increases in base yields have rarely lasted for long periods of time.
“In the short term, we expect spot prices to remain at these levels and volatility to ease as we monitor this week’s macro events. The key developments for the week are as follows: US CPI data (Wednesday), US PPI data (Thursday) and Powell’s speech (Friday) where he will provide more information on the expected 25 basis point rate cut in December.”
General Expectations in Cryptocurrencies
If there is no major change in US macro data, cryptocurrencies may continue to see strong gains over the next few months due to Trump's influence. Investors who have been trading in a narrow range for a long time have made a big turn this time and there have been massive liquidations. We have frequently warned investors against such surprise moves.$DOGE
The total trading volume of the cryptocurrency market is currently at $236 billion, with a total market value of close to $2.77 trillion. Among the altcoins that have gained the most in the last 7 days, CRO, ENA and DOGE stand out. Dogecoin tested the threshold we previously stated as $0.28 and managed to exceed this level. Now, it may enter the consolidation process for a new ATH (all-time high price) by rising above the $0.30 level.
