With the price of Bitcoin at more than US $ 43,00Zero and continuing to rise, astute assessments by QCP analysts who have a good track record in predicting future trends are becoming hot topics. Now we are focusing on their overall outlook for 2024, with some previous miscalculations in mind.
Crypto Predictions for 2024: ETF Excitement
Thus, analysts who once expressed skepticism that Bitcoin would go as high as US $ 32,000 have changed their tune and discounted bullish factors like approval of an ETF. What is different today than it was in 2017? They argue that BTC will encounter resistance around $48,000 to $56,398 again and then pull back. The launch of the long-anticipated BTC Spot ETF from January 5th through January 1Oth may turn out to be a ‘sell the news
The Crypto Bull Run of 2024: Will ETFs Fuel the Fire?
This ‘sell the news’ effect will eventually be balanced off by institutional demand that can help bolster ETF liquidity. If big players such as BlackRock are going after investors with deep pockets, first-time secure investment In BTC will perhaps not move in the way you think it might. But the analysts stress that a strong rally could still be in train and call for an even bolder round of buying as soon as things take a turn around after BTC’s halving.
In addition, they point to Ethereum (ETH) as being a worthwhile investment opportunity and one which may divert attention from BTC towards an ETH spot ETF. This will be followed up by movements out of BTC into ETH as the strength of this pair continues to build. While this ETF is still some months off in the future, it could lead to speculative price appreciation of actual ETH.
In concluding their analysis, the QCP analysts note that people who are long-term holders of BTC can consider ways to increase revenue from such things as selling covered calls in response to a drop following ETF listings later this year; and did not rule out watching developments in ethereum.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.