Amidst fervent anticipation surrounding the impending launch of spot Bitcoin Exchange-Traded Funds (ETFs), Singapore-based crypto trading firm QCP Capital remains skeptical about the immediate impact on market demand. Analysts at QCP Capital cast doubt on the projected market reception for spot Bitcoin ETFs upon their debut, cautioning against high expectations during the initial weeks post-launch. The analysts foresee a potential “sell the news” scenario, speculating that the anticipated ETF approval, expected around the second week of January, might not generate the immediate demand surge as envisioned.
Anticipating probable upper resistance levels for Bitcoin (BTC) between $45,000 and $48,500, QCP Capital suggests a potential retracement to around $36,000 before an eventual resumption of the upward trend. Despite the short-term cautious outlook, QCP Capital remains confident in an eventual upward trajectory, particularly post a few weeks, as the market gears up for a substantial rally leading into the BTC halving.
Interestingly, experts also highlight Ethereum (ETH) as a promising prospect, noting that market attention could swiftly shift towards an ETH spot ETF if excitement around Bitcoin ETFs wanes.
Contrarily, analysts at Matrixport adopt a more optimistic outlook following the approval of spot Bitcoin ETFs. They project a potential surge for Bitcoin, forecasting a price surpassing $50,000 by the end of January 2024. Historical data highlighting Bitcoin’s tendency to rise by around 3% during the Christmas to New Year’s period, with notable exceptions like +22% surges in select years, further fuels expectations.
Bitcoin’s recent surge past the $44,000 mark, registering a 160% increase since the year’s commencement, amplifies the market buzz. The prevailing hype around BTC primarily centers on the forthcoming spot Bitcoin ETF approval and the scheduled halving in spring 2024, adding to the asset’s bullish sentiment.
The overall market sentiment remains optimistic, with various analysts boldly predicting further BTC growth, with some even envisioning a substantial surge to $100,000. As the market continues to navigate these significant developments, projections and cautionary notes from experts contribute to the ongoing discourse surrounding Bitcoin’s trajectory and potential market scenarios.
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