Bitcoin price It continues to trade at $44,000 levels. QCP Capital analysts published an analysis of market trends in light of this development.
According to analysts, the launch of the BTC Spot ETF is less than three weeks away. ETF approvals may be announced on January 5, when the Market will close, or between January 8-10, 2024. The final issue between “cash only” and “in-kind” has been resolved, as nearly all ETF providers have accepted the SEC’s “cash only” requirement.
As we approach launch, QCP Capital initially points out that actual demand for the BTC Spot ETF will likely fall short of market expectations. According to analysts, this creates a classic “sell the news” scenario in the second week of January.
Therefore, analysts are expecting upper resistance for BTC in the $45,000 – $48,500 region and a possible pullback to $36,000 levels before the uptrend resumes. While the market is positioning for a strong rally towards BTC’s halving, analysts are confident that the uptrend will continue, perhaps in a few weeks’ time.
According to analysts, the market expects Ethereum ETH could also be an interesting lagging trade here as it could return to a spot ETF and potentially lead to shifts from BTC to ETH. Analysts point to very strong support on the ETHBTC cross at 0.051.
Although ETH spot ETF approval is still months away, this will not prevent soon-to-be-approved BTC spot ETF providers from immediately applying for an ETH spot ETF, according to analysts. According to QCP Capital analysts, such excitement could create some speculative growth for the ETH price, whether justified or not.
*This is not investment advice.
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