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Home»Bitcoin»Crypto Trading Firm Expects Bitcoin to Crash to $36,000, Here’s Why
Bitcoin

Crypto Trading Firm Expects Bitcoin to Crash to $36,000, Here’s Why

2023-12-27No Comments3 Mins Read
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A recent market update by trading firm QCP Capital has provided insight into how Bitcoin’s price would react if a Spot Bitcoin ETF is approved in January. The firm predicts that a major retracement could occur before a move to the upside occurs.

Bitcoin could return to $36,000

QCP Capital predicts that Bitcoin could return to around $36,000 before resuming an uptrend. At the same time, they expect Bitcoin to face top-down resistance between $45,000 and $48,500. These projections are based on what they expect will happen if the Securities and Exchange Commission (SEC) approves the Spot Bitcoin ETFs in January.

QCP Capital believes that actual demand for these investment funds may initially lag behind market expectations. If so, it has set the stage for the classic “sell the news” scenario, which would see Bitcoin’s price plummet.

The trading firm previously believed that Bitcoin could reach its all-time high of $69,000 if these Spot Bitcoin ETFs see enough capital at launch. They then also warned that approval could become a sell-out event if inflows into these funds were sub-par. Now they seem to suggest that the latter is likely to happen.

However, they don’t expect Bitcoin to take a back seat for too long as they are confident that Bitcoin’s recent resurgence will continue at some point. They estimate that this will likely happen after a few weeks, especially as traders position themselves for a strong rally ahead of the next big thing: the Bitcoin Halving. This event is expected to trigger the next bull run.

Bitcoin price chart from Tradingview.com

BTC price at $43,278 | Source: BTCUSD on Tradingview.com

All attention will be on Ethereum

Ethereum could be the next big play once the pending Spot Bitcoin ETFs are approved. QCP Capital anticipates market expectations and quickly turns to the Ethereum Spot ETFs. Similar to the Spot Bitcoin ETFs, a number of asset managers have also applied to launch a fund that provides direct exposure to Ethereum.

See also  No more Bitcoin Bear markets? Fonds CIO is investigating the new reality

Pending a possible approval of the Ethereum Spot ETFs, some crypto investors may move their capital from BTC to ETH in anticipation of an expected rally in Ethereum’s price. The trading firm stated that they are “leaning against very strong support in the ETHBTC cross at the 0.051 level.”

However, QCP Capital believes that any approval of an Ethereum Spot ETF is still “many months away.” In the meantime, they expect the price of Ethereum to rise remarkably based on such speculations. This could be something similar to what happened with Bitcoin, as the flagship cryptocurrency saw a significant surge following the rumored adoption of Spot BTC.

Featured image from Freepik, chart from Tradingview.com

Disclaimer: The article is for educational purposes only. It does not represent NewsBTC’s views on buying, selling or holding investments and of course investing involves risks. You are advised to conduct your own research before making any investment decisions. Use the information on this website entirely at your own risk.

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