Cryptocurrency analysis and trading company QCP Capital said that macroeconomic factors may further reduce the price of Bitcoin (BTC) following the FED interest rate decision.
QCP Capital 21 September In a statement made on , Bitcoin caused a decline. factors that may cause drew attention.
QCP Capital, US Federal Reserve (FED) decision not to increase interest rates and Mt. Gox’deadline for repayments 1 year postponement despite of Bitcoin He mentioned that it is not moving in an upward direction. QCP Capital explains this inactivity as the current position ratio in the market is small. that a drastic move is imminent in the short term he emphasized.
Why might Bitcoin fall?
While it is predicted that the FED, including macro markets, is planning to increase interest rates in 2024, it is stated that this causes investors to escape from risky assets and turn to safe assets. The situation in question is It may cause the decline of many risky investment instruments, including Bitcoin. is expressed.
QCP Capital on the other hand US stock index Nasdaq And US 10-year bond yields He pointed out that very important levels were broken in the charts. The analyst company said that US yields rose above a serious level and Nasdaq The decline on the side It will also affect the cryptocurrency market and thus these factors will further reduce the price of Bitcoin. He said he could pull it off.
QCP Capital in its previous analysis, of Bitcoin that it will decline by the end of this month, with a bottom to occur in October. rise together He stated that he would pass.