While Bitcoin‘s price hovers above $43,000, QCP analysts, who previously shared a bearish outlook before the recent BTC rally, have published their latest market assessment. Despite their failed predictions in the last quarter, their accurate past forecasts make their 2024 expectations noteworthy.
Analysts had previously doubted Bitcoin’s ability to close above $32,000 based on Elliott Wave Theory, predicting new lows. However, their outlook changed due to growing optimism for an ETF approval and excitement for 2024.
In their latest analysis, the experts suggest that the announcement of a BTC Spot ETF could come just weeks away, potentially between January 5 and January 8-10, 2024. They note that the issue of “cash-only” versus “in-kind” ETFs has been resolved, with most providers accepting the SEC’s cash-only requirement.
As the ETF launch approaches, the analysts caution that actual demand for the BTC Spot ETF may fall below market expectations, potentially leading to a “sell the news” scenario in the second week of January. Consequently, they predict a pullback for Bitcoin from the $48,000-$45,000 resistance level to around $36,000.
The analysts also discuss the potential for a different outcome this time due to the ETF potentially creating sustained institutional demand and liquidity. They anticipate a squeeze in exchange supplies and FOMO driven by institutional volume, which could disappoint those expecting a “sell the news” event. They conclude by suggesting tactical plays for long-term BTC holders, speculate on an ETH Spot ETF, and offer a speculative outlook for ETH prices, ending with holiday wishes for the year.