QCP Capital, a cryptocurrency trading company, shared an updated note about the cryptocurrency market.
QCP Capital, which accurately predicted that last weekend would be tough, shed light on what could happen this weekend and in the coming days.
Analysts pointed out that Bitcoin and Ethereum have entered a consolidation phase, indicating that this weekend may be calmer and that the market may take a deep breath.
QCP Capital noted that we have passed an important event like the US interest rate data and that there are no significant planned events in the near future, also emphasizing that the tremors related to Ethereum ETF problems have been somewhat overcome.
Another important figure commenting on the market was Semir Gabeljic, the Capital Formation Director at Pythagoras Investments.
In an email to CoinDesk Global, Semir Gabeljic said that the clear outflows in spot Bitcoin ETFs were the biggest catalyst and that more volatility could be seen towards the Bitcoin halving:
Bitcoin continues to remain volatile with the 10% drop we saw this week, with the recent catalyst being directed by around $300 million worth of spot Bitcoin ETF outflows from GBTC on March 20th. Historically, as we saw it occurring just before the BTC halving event, the drop still remains in line with the expected 10-20% range. More volatility is expected towards the BTC halving.
