While the bloodbath experienced in Bitcoin and altcoins in the past weeks panicked investors, a new wave of rise is now experienced.
At this point, while BTC rose above $ 65,000, there were also significant increases in many altcoins.
A new analysis came from QCP Capital, which continues to expect an increase in the medium term even during the declines.
Listing the catalysts in the new upward wave, QCP Capital analysts first cited FED chairman Jerome Powell’s statements on inflation and the expectations for the first interest rate cut in September.
Apart from the FED, analysts also listed the German government’s ending of BTC sales and the spot Ethereum ETF launch expectation, and lastly, Donald Tump’s selection of Bitcoin supporter JD Vance as Vice President, also described it as another positive catalyst.
“The past 2 weeks have seen market participants panic as Bitcoin dropped to $54,000 and altcoins lost 30% of their value. While blood was flowing in the streets, we continued to maintain our medium-term bullish view.
Powell has mentioned in recent communications and interviews that much progress has been made in reining in inflation. Markets are now pricing in a 100% chance of a rate cut in September!
The BTC sale from the German government has ended and Mt. Despite the upcoming distribution of BTC from Gox, markets found a strong bid to push BTC above $65k.
In Ethereum ETFs, analysts predict trading will begin on July 23.
Finally, Trump’s selection of JD Vance as Vice President provides another positive catalyst. Vance holds BTC and if Trump is elected, we expect him to lobby for crypto-friendly regulations.”
QCP Capital analysts added that they continue their bullish expectations in Bitcoin, Ethereum and cryptocurrency markets.
*This is not investment advice.
