Bitcoin’s Sharp Correction & Bullish Outlook
In the notoriously volatile cryptocurrency world, Bitcoin (BTC) recently experienced a sharp downturn. This sudden correction raised concerns among investors about potential severe declines. The leading cryptocurrency had been consolidating in a tight range, making this movement significant. However, Singapore-based cryptocurrency trading company, QCP Capital, has made a bullish prediction about BTC’s future performance, which is alleviating some of these worries.
Bitcoin’s Impending Move: QCP Capital Analysts’ Prediction
QCP Capital’s analysts focused on the technical review of Bitcoin‘s past and current performance. They expect that the current tranquility within Bitcoin’s movements will soon be disrupted. According to their prediction, September represents an important decision time for Bitcoin.
The analysts shared several critical details about Bitcoin’s impending market movements:
- Bitcoin is currently at a crucial support level and has the potential to surge to $34,000.
- Investors should closely monitor the $29,300 level in September 2021.
The analysts explained, “On the charts, the wedge pattern in which BTC has been trading since $15,000 reaches its first end point at the beginning of September. That could take us to $34,000. We think Bitcoin could be quiet for a few more weeks before we find out.”
The Ideal Time for Long-term Accumulation
QCP Capital’s analysts had projected the halt in BTC’s rally since the beginning of July. They noted that trading volume has been subdued, making it an ideal time for long-term accumulation. The last time Bitcoin experienced such a dip in trading volume was during the extended cryptocurrency downturn in 2018 and 2019. However, a shift in macro environmental factors led to a market resurgence.
The analysts stated, “The last time trading in Bitcoin was this compressed was during the crypto winter of 2018 and 2019, and it required a change in the macro environment to reinvigorate the market.”
Potential Catalysts
QCP Capital’s analysts pointed out that while a game-changing impetus in the macroeconomic arena is not apparent yet, several near-term triggers have the potential to instigate a Bitcoin boom. These potential catalysts include:
- An SEC decision concerning Mt Gox
- Blackrock’s Bitcoin ETF filings
- Fidelity’s spot Bitcoin ETF filings towards the end of the year
The analysts elaborated, “Looking at the BTC chart and historical data, several short-term catalysts are expected. This strengthens the $34,000 level for BTC.”
Investors Take Note
*It must be stressed that none of the preceding information constitutes investment advice. The information provided reflects the careful analysis and predictions of QCP Capital’s cryptocurrency experts.
