QCP Capital: Maintaining a bullish stance, cryptocurrencies have bottomed out

2024-07-10 19:49:01

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ChainCatcher news, QCP Capital stated in its latest market analysis that the macro backdrop has become more optimistic over the past week, believing that cryptocurrencies have bottomed out.

QCP Capital maintains a bullish outlook for the following reasons:

Last week's labor data was weak, and even Powell's testimony in the Senate reiterated that market conditions are progressing towards the ultimate goal.
Despite the German police selling over 6,000 bitcoins and the Mt Gox release hanging over like the sword of Damocles, Bitcoin formed a double bottom and did not drop below $54,000.
The lower CPI data to be released tomorrow may ultimately solidify the Fed's decision to cut rates in September and December.
The surge in S-1 amendment submissions for ETH spot ETFs may also indicate that trading is about to begin. We believe this will happen this month, especially if applicants announce their fee structures.

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