QCP Capital believes that Bitcoin is only a few weeks away from a “sharp rally” to the $34,000 mark. In its most recent market update on Aug. 15, the analysts suggested that the coming weeks will be a crucial point for the price action of BTC.
TRB Crypto, Uphold Crypto, Titano Crypto, TrueFi Crypto, The Sandbox Crypto, and Web 3.0 Status are just a few of the cryptos that have seen a surge in tone and veracity recently.
BTC price awaits September “termination point”
As Bitcoin continues to move sideways after months of indecisive action, market watchers are eager to determine the return of some kind of trend.
QCP Capital believes September is an important month, as BTC/USD has formed a rising wedge pattern since the end of the 2022 bear market.
“On the charts, the wedge pattern that BTC has been trading in since its 15k lows reaches its first termination point at the start of Sep,” according to the update. The key area of focus is $29,300, which is the current price of Bitcoin.
QCP’s opinion is in line with more optimistic views on the short-term strength of BTC price, including one that gives October as the deadline for the return of the 2023 Bitcoin bull market.
As Cointelegraph reported, however, market expectations are divided on the topic, with some warning that new lows may still be reached before a broad recovery takes place.
No macro BTC price catalyst in sight
QCP discussed macroeconomic trends, stating that significant change was yet to come, which is in line with the current situation in the crypto world.
“The last time trading was this compressed, it was during the crypto winter of 2018 and 2019, and it took a change in the macro environment to revive the market again,” it wrote.
Data from TradingView’s Bitcoin Historical Volatility Index (BVOL) reflects Bitcoin’s volatility hitting historic lows.
“Although no game-changing macro environment shift is in sight yet, there are a few short-term catalysts coming up on the crypto calendar late next month, including Mt Gox, GBTC, a possible SEC verdict on Blackrock/Fidelity’s applications, and some potential centralized crypto exchange and truefi crypto news,” QCP continued.
Analysts also mentioned the September deadline for comments on the initial Bitcoin spot price exchange-traded fund (ETF) applications — which is considered to be a major milestone for the industry.
Europe’s first Bitcoin spot ETF began trading on Aug. 15 and is custodied by Fidelity Investments.
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