Cryptocurrency analysis and trading company QCP Capital made remarkable comments about the cryptocurrency market while giving a new price target for Bitcoin (BTC).
Based in Singapore QCP Capital came to the fore with the Bitcoin and cryptocurrency market analysis they published on October 2. In the detailed report presented, analysts stated that they did not find the last upward movement in the cryptocurrency market convincing and stated that the forecast for the last quarter of 2023 is 25 thousand dollars support correctly predicted a decline:
Although we have witnessed some upward movements in recent days, these movements did not fully convince us. We think that Bitcoin may test the $25,000 support in the last quarter of 2023.
In another analysis made by the company at the beginning of September, it was stated as a decline target. $23,800-24,000 band was pointed out. It seems that in the last month QCP Capital’‘s downward expectations were raised.
Bitcoin and cryptocurrency rise is artificial
Analysts who provide details that the market will get worse should first say that the recent rises have always been external artificial movements He stated that it was. As an example of this Grayscale-SEC After the trial 28 thousand dollars The sudden rise towards the band and the subsequent decline were shown. In the report, these sudden increases not sustainable emphasized.
With this October 2 Ethereum futures exchange-traded funds (ETFs), which started trading in the markets on Monday, may have triggered one of these artificial increases and the market The rise does not seem to maintain its stability It was stated that it appeared The report states that these ETFs have an already low share in the market. can dry the volume thoroughly was also stated. Will be created by ETFs synthetic volume The report argues that it will not provide any benefit for the cryptocurrency market. lack of volume may cause decline defended.
Impact of the US market
US government open for 45 more days to stay Positive news for the short term Analysts define it as follows: a closure that may occur at the end of 45 days. may trigger a decline in risk markets he emphasized.
on the other hand as a safe haven like gold It was emphasized that the assets launched had the potential for upward movement, and that if such a scenario occurred, there could be a decline for risk assets such as cryptocurrencies.
In the report, 14,500 level on Nasdaq or 4250 level in S&P 500 It was stated that if it breaks downwards, the cryptocurrency market may also follow this decline.