Bitcoin ‘big move’ due in July after March $30K push — Latest analysis
Bitcoin “consolidation” could end by July, new research predicts as optimism over a BTC price breakout returns.
In its latest market update on June 2, trading firm QCP Capital revealed a bullish bias on both Bitcoin (BTC) and the largest altcoin, Ether (ETH).
Bitcoin price has been ranging between $26,000 and $31,000 since mid-March, but analysts are increasingly calling time on the sideways action.
QCP Capital is among them, predicting a change of course as soon as the end of the month.
This, it argues, is thanks to the United States debt ceiling “sideshow” vanishing, leaving Bitcoin closely mimicking its consolidation and breakout phase from 2020.
“With the passage of the Debt ceiling bill through the House and Senate that extends the ceiling until Jan 2025, we can now all move on and not have to worry about any political sideshow again until next year’s US Presidential elections,” it wrote.
For QCP, the price levels may be different, but the underlying behavior is the same in 2023 as at the start of the COVID-19 pandemic.
Back then, the Federal Reserve unleashed a giant $4 trillion worth of liquidity, buoying risk assets and ultimately sending Bitcoin to new all-time highs.
“In March 2020 we were on the verge of a massive price breakdown below 5k when the Fed unleashed the liquidity tap, resulting in an exponential price increase as we approached the halving cycle the following year,” it wrote, quoting a previous edition of its “Just Crypto” newsletter series.
Should the relationship continue to play out, the next phase is obvious: a dramatic exit of the trading range, with QCP positioning long options plays.
“This consolidation has played out perfectly so far, but we expect that we are soon coming close to the end sometime
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