While the mobility and direction search in Bitcoin and altcoins continues, BTC rose again above $ 26,000 after yesterday’s decline.
While investors were wondering whether this rise would continue, a report came from the cryptocurrency analysis company QCP Capital that would upset investors.
QCP Capital analysts, who shared their opinions on Telegram, said that they expect another decline soon.
Analysts, who believe that this decline will be the bottom, argued that the CPI figures to be announced this week and the FOMC minutes to be announced next week will be effective in this decline.
Because the company expects the CPI to be higher than expected and the FOMC minutes to be more hawkish.
QCP Capital analysts said that although they expect a decrease in the short term, they continue to expect an increase in the long term, that is, for the end of 2023 and the first quarter of 2024.
“We are now just over three months away from 2024 and we are into the last three weeks of the third quarter.
We think that the recent declines in Bitcoin and altcoins are not the last and that we will close the third quarter at the lowest levels.
At this point, we expect a final decline to occur soon, where we will see the bottom level.
This decline will likely be compounded by higher-than-expected CPI tomorrow, more hawkish-than-expected FOMC minutes next week, FTX’s potential cryptocurrency sales, and Mt. Gox will trigger the event.
That’s why we think the real real bottom will come in mid-October, when the bad news cycle ends.
However, we continue to rise until the end of the year and the first quarter of next year.”
QCP capital: We expect an imminent final decline to close out the quarter at the lows. This includes a likely higher-than-expected CPI tomorrow and a more-hawkish-than-expected FOMC next week, plus FTX token asset sales, and Mt. Gox over the next month to cap things off. We…
— Wu Blockchain (@WuBlockchain) September 12, 2023
*This is not investment advice.
