Cryptocurrency analysis firm QCP Capital has indicated that Bitcoin could potentially reach its all-time high following the release of the US unemployment claims report and the Consumer Price Index (CPI) next week.
In a recent statement, QCP Capital analysts mentioned that a lower-than-expected unemployment claims report and the upcoming CPI release might trigger a new record high for BTC. They highlighted the substantial spot Bitcoin ETF inflows and buying orders totaling $488.1 million on Wednesday as contributing factors.
The firm suggested that this rally could gather momentum as the market anticipates potential rate cuts. The Bank of Canada recently announced a quarter-point interest rate cut to 4.75%, making it the first major central bank to do so this year. Similarly, the European Central Bank also reduced interest rates by the same amount to 4.25%.
QCP Capital also noted that they anticipate Ethereum to continue underperforming in the short term, citing SEC Chairman Gary Gensler’s statement in a recent CNBC interview that approvals for Ethereum ETF S-1s “will take some time.” However, analysts believe that ETH will eventually surpass Bitcoin once ETFs become available for trading.
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