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The Singapore-based crypto trading firm QCP Capital believes that actual demand for the spot Bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>) ETF at launch will not meet market expectations. 
According to <a href="https://t.me/QCPbroadcast/1113" target="_blank">QCP Capital analysts</a>, the market may not receive the expected demand in the first weeks after the spot Bitcoin ETF launch. This creates a classic “sell the news” scenario in the 2nd week of January — analysts expect approval of the <a href="https://crypto.news/tag/etf/">ETF</a> during this period . 
For this reason, QCP Capital expects upper resistance in BTC to be in the $45,000-$48,500 area and possible fall to the $36,000 levels before the uptrend resumes. 
<blockquote class="wp-block-quote"> 
 “We are confident that the trend higher will eventually continue (perhaps after a few weeks) as the market positions for a strong rally into the BTC halving.” <cite>QCP Capital analysts</cite>
</blockquote> 
Experts also point out that Ethereum (<a href="https://crypto.news/price/ethereum/">ETH</a>) could be another exciting prospect as market expectations could quickly switch to the ETH spot ETF. 
 You might also like: <a href="https://crypto.news/why-bitcoin-price-predictions-often-miss-the-mark/"> Why Bitcoin price predictions often miss the mark </a> 
At the same time, Matrixport analysts <a href="https://webapp.bitexch.io/io-detail/277" target="_blank" rel="noopener">expect</a> a more optimistic scenario after the spot Bitcoin ETFs approval. Experts believe the rate could rise above $50,000 by the end of January 2024. 
They also note that historically, Bitcoin has gradually increased by +3% from Christmas to New Year’s (Dec. 24 to 31). However, in some significant cases, BTC prices have increased thrice (2011, 2013, and 2020), sometimes even by +22%. 
<blockquote class="wp-block-quote"> 
 “This also means that Bitcoin has a high chance of breaking higher during Christmas, and we strongly expect Bitcoin to reach $50,000 if Bitcoin Spot ETFs are approved by then.” <cite>Matrixport experts</cite>
</blockquote> 
On Dec. 20, Bitcoin surpassed the $44,000 mark for the second time last month. Since the beginning of the year, the asset’s price has risen by 160%, updating multi-month highs. The hype around BTC is associated with the expectation of the imminent <a href="https://crypto.news/k33-research-spot-bitcoin-etf-approvals-expected-in-january/">approval of spot Bitcoin ETFs</a>, as well as the <a href="https://crypto.news/bitcoin-halving-price-surge-btc-2024/">halving</a>, which is scheduled to take place in the spring of 2024. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="1670" height="822" src="https://crypto.news/app/uploads/2023/12/Screenshot-2023-12-21-at-13.15.20.png" alt="QCP Capital doubted market hype after spot Bitcoin ETFs&nbsp;launch - 18" class="wp-image-14230171">
 <figcaption class="wp-element-caption">
 Bitcoin price last week | Source: CoinMarketCap
 </figcaption>
</figure> 
Against the background of a green market, many experts expect further growth of BTC. In particular, analysts <a href="https://crypto.news/bitcoin-could-rally-to-100000-and-beyond-expert-predicts/">are making bold predictions</a> regarding the price of BTC, for example, a surge to $100,000. 
 Read more: <a href="https://crypto.news/will-bitcoin-price-make-a-new-all-time-high-in-2023-prediction-and-analysis/"> Will Bitcoin price make a new all-time high in 2023? Prediction and analysis </a>

QCP Capital doubted market hype after spot Bitcoin ETFs launch

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