Crypto trading firm QCP Capital shared a weekend evaluation for the cryptocurrency market.
In its post dated April 6, QCP Capital discussed the current situation of the cryptocurrency market. Analysts acknowledged that the past week had been challenging for cryptocurrencies, especially highlighting significant sales in Bitcoin and Ethereum futures.
On the other hand, QCP expressed an expectation for further rises, especially Bitcoin, in the coming days, and listed 5 different reasons for this prediction.
Among these reasons, they mentioned the increasing spot Bitcoin ETF entries. Despite ongoing sales by Grayscale, analysts noted that last Thursday saw an entry of $232 million in spot Bitcoin ETF, and they also stated that the options market heightened the expectation for an upward movement in Bitcoin.
In addition, it was anticipated that BlackRock’s addition of 5 major financial actors to the spot Bitcoin ETF a short while ago could potentially create new hype in the market.
Just 2 weeks before the Bitcoin halving, the corrections in the past decreased the inflation in funding rates, and it was stated that all these factors could signal an increase for the coming week and days.
