QCP Capital: Bitcoin Price Could Retreat to $36,000 Before Resuming the Upward Trend

QCP Capital stated in their report that the expected approval of a Bitcoin spot ETF in January next year is anticipated to initially face weak demand, potentially leading to a scenario of “selling on the news.” This could cause short-term volatility in Bitcoin and shift attention towards Ethereum.

According to QCP Capital: “The actual demand for a Bitcoin spot ETF might start off lower than the market expects. Projected resistance for Bitcoin's price lies within the range of $45,000 to $48,500, with a potential retracement to $36,000 before resuming the upward trend. Ethereum is seen as a potential secondary investment choice, and the market is expected to shift focus from Bitcoin towards Ethereum. Speculative interest in the upcoming Ethereum spot ETF might drive up the price of Ethereum, even before the ETF's actual launch.”