Bitcoin (BTC) is facing potential exhaustion as it approaches the end of the first quarter of 2024 with a 65% increase in price, according to trading firm QCP Capital. The firm warns that the exponential rise in BTC’s value could pose a problem in the next quarter. BTC’s price has been slowing down after a strong start to the year, hovering around all-time highs but struggling to establish new support levels. QCP Capital remains optimistic about the second quarter, citing various catalysts such as continued demand for BTC spot ETFs, the BTC halving, London Stock Exchange ETNs, and the potential approval of ETH spot ETFs. Despite this optimism, QCP Capital acknowledges signs of exhaustion in the market, including declining sentiment towards altcoin Ether (ETH) and high funding rates across exchanges. The firm advises caution and preparedness for potential dips in price. Recent data shows that BTC/USD has gained 65.4% year-to-date, nearly matching the record growth of Q1 2023, with just a 6% difference between the two quarters. If BTC/USD surpasses $61,000, it will record a seventh consecutive green monthly candle, a feat that has only occurred once before in 2012.
This article is trying too hard to paint a positive picture. I remain skeptical about Bitcoin’s future.