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Bitcoin shows 'signs of exhaustion' as Q1 BTC price gains near 70%
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2024-03-29 05:03:48
William Suberg17 minutes agoBitcoin shows "signs of exhaustion" as Q1 BTC price gains near 70%While there are reasons to be "very bullish" on Q2, the sheer speed of the Bitcoin and crypto bull market may be cause for concern, says QCP Capital.178 Total viewsListen to article 0:00Markets NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin (BTC) risks “exhaustion” as it nears the end of Q1, 2024 with 65% BTC price gains.
In an update sent to Telegram channel subscribers on March 29, trading firm QCP Capital warned that “exponential” upside could pose a problem next quarter.BTC price slows after "exponential" Q1
Bitcoin market observers are firmly focused on the weekend as several key candles — the weekly, monthly and quarterly — close at once.
After a transformational start to the year, BTC price action continues to hover around all-time highs while still facing difficulty flipping them to new support.
For QCP Capital, the outlook for the second quarter nonetheless remains “very bullish.” It summarized:“For Q2, there are sufficient catalysts to form a very bullish view:1. continued BTC spot ETF demand (and shrinking supply as GBTC runs out)2. BTC halving3. London Stock Exchange ETNs4. Potential ETH spot ETF approval.”
Despite this, the extent of progress since the start of the year — including the launch of the United States spot Bitcoin exchange-traded funds (ETFs) in January — has been such that bulls may have problems continuing that momentum.
“At the same time, the price rally has been exponential in Q1 and there are signs of exhaustion,” QCP explained.
It flagged declining sentiment on largest altcoin Ether (ETH) and persistent high funding rates across exchanges.
“While we remain bullish, we are cautious about leverage and we are also prepared to scoop some value on big dips,” the update concluded.Bitcoin monthly chart looks to match record
The latest live data from Cointelegraph Markets Pro, TradingView and monitoring resource CoinGlass confirms that BTC/USD is 65.4% year-to-date.
Related: Bitcoin ‘sell-side liquidity crisis’ sees BTC move for the first time since 2010BTC/USD quarterly returns (screenshot). Source: CoinGlass
This vies for supremacy with Q1, 2023, with just 6% separating the two quarters.
Closing much above $61,000, meanwhile, BTC/USD will print a seventh consecutive green monthly candle — something only seen once before in its history in 2012.BTC/USD 1-month chart. Source: TradingView
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Ethereum# Bitcoin Price# Markets# Predictions# Ether PriceAdd reactionAdd reaction