Bitcoin

<p>Bitcoin’s potential for a significant price rally toward $34,000 has been discussed recently by analysts at QCP Capital, the Singapore-headquartered crypto asset trading firm. Despite Bitcoin’s recent lack of major volatility catalysts, QCP’s analysis suggests that a classic support rebound might trigger the return of the highest Bitcoin prices in over a year.</p><h2 id="header-0">Crucial price action time-frame</h2><p>According to QCP Capital’s latest<a href="https://qcp.capital/featured-article/market-update-15-aug-23/" rel="noopener noreferrer nofollow"> market update</a> on Tuesday, the upcoming weeks are poised to be crucial for Bitcoin’s price action. The cryptocurrency has been range-bound for months, leaving market observers speculating about the emergence of a new market trend.</p><p>QCP Capital highlights September as a pivotal month due to the completion of a rising wedge pattern that started during the end of the 2022 bear market. This pattern has guided Bitcoin’s price movement, with the wedge reaching its first termination point at the beginning of September. The specific level of interest is $29,300, which aligns with the current focal point of the Bitcoin spot price.</p><h2 id="header-1">Rally potential</h2><p>The analysis ponders whether there will be a sharp rally that pushes the price to the $34,000 resistance level. This scenario has occurred three times this year, as the price kissed the support trendline. The report acknowledges that it might take a few more quiet weeks before the outcome becomes clear. The analysts expressed their intention to buy back their end of September short calls and anticipate going long on end of December volatility in due course.</p><p>QCP Capital’s perspective aligns with other optimistic views on Bitcoin’s short-term price strength. Some projections even suggest that the 2023 Bitcoin bull market might return by October, although the market sentiment is varied, with some cautioning about the possibility of new lows before a broader recovery.</p><h2 id="header-2">Macroeconomic trends</h2><p>Turning to macroeconomic trends, QCP Capital indicates that significant change is not on the immediate horizon, echoing the status quo in the crypto space. Comparing the current situation to the compressed trading environment of the crypto winter in 2018 and 2019, the analysis suggests that a macroeconomic shift would be required to reinvigorate the market, similar to what has happened in the past.</p><p>Bitcoin’s volatility has reached historic lows, as illustrated by<a href="https://insights.glassnode.com/the-week-onchain-week-33-2023/" rel="noopener noreferrer nofollow"> data</a> just published by on-chain market intelligence firm, Glassnode. While a game-changing macro environment shift isn’t imminent, there are short-term catalysts on the crypto calendar for the upcoming months.</p><p>These include events like Mt. Gox creditor payouts, the GBTC vs. Securities and Exchange Commission (SEC) lawsuit, potential SEC decisions on Blackrock/Fidelity’s Bitcoin spot ETF applications, and potential news related to centralized crypto exchanges and stablecoins.</p><p>The September deadline for comments on the initial Bitcoin spot price exchange-traded fund (ETF) applications is particularly noteworthy, as it’s widely seen as a turning point for the industry. Europe’s first Bitcoin spot ETF, which<a href="https://finbold.com/this-investment-giant-agreed-to-custody-europes-first-bitcoin-spot-etf/" rel="noopener noreferrer nofollow"> began trading</a> on Tuesday, is being custodied by Fidelity Investments, marking another step in the maturation of the cryptocurrency market.</p>

QCP Capital: Bitcoin Has $34K Price Potential

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