Exploring the potential for a summer rally in Bitcoin (BTC) and altcoins has been a topic of interest among analysts recently. QCP Capital analysts have shared their expectations, foreseeing a quiet period ahead for the Bitcoin and cryptocurrency markets.
This past week has been marked by significant events such as the release of US CPI and PPI data, as well as the Federal Reserve’s interest rate decision. Following positive CPI data, Bitcoin surged towards $70,000, only to retreat back to $67,000 after the FED announcement. With a downward trend persisting, BTC began the last day of the week at $66,870.
Amidst these developments, QCP Capital analysts noted that Bitcoin is likely to experience a subdued summer period. Despite strong momentum in stocks, BTC has struggled to maintain its upward trajectory post-FOMC, with miners playing a role in the downward pressure on Bitcoin. The analysts highlighted how miners have been selling BTC to sustain their operations post-halving in April, contributing to the price decline.
In addition, the analysts pointed out other factors influencing the market, such as the bankruptcy proceedings faced by Flowbank, a bank in a tripartite agreement with Binance. Looking ahead, the analysts anticipate a horizontal trend to continue in the coming months, emphasizing the absence of a clear catalyst that could drive BTC and the market in either direction.
While SEC Chairman Gary Gensler has hinted at a potential approval for spot Ethereum ETFs by the end of summer, analysts do not foresee this leading to a surge in ETH prices. Overall, the outlook for the crypto market remains uncertain, with various factors at play that could impact the direction of prices in the near future.
*Please note that this information is not investment advice. For those interested in investing in over 300 cryptocurrencies, a 20% commission discount can be obtained by registering with Binance exchange through this link. Stay updated with exclusive news, analytics, and on-chain data by following our Telegram and Twitter accounts.
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