BTC made another attempt to reach the $60,000 mark today, but has not yet achieved this milestone. Moving away from previous lows is a positive sign. A weekly close at the current levels could potentially trigger a new upward trend. Meanwhile, Germany’s BKA holds slightly over 10,000 BTC, having sold tens of thousands during the recent period. What do experts at QCP Capital think about these developments?
Market Experts’ Crypto Insights
The resurgence of the leading cryptocurrency sparked a modest recovery in altcoins. Fear, uncertainty, and doubt (FUD) were strong, causing more panic than actual sales among investors. Uncertainty regarding the speed of the MTGOX refund process added to investor concerns. So, what is the latest market assessment from QCP Capital experts?
QCP Capital believes that the macro environment improved last week. Despite significant selling pressure, they maintain that the crypto market has reached its bottom. They highlight several positive indicators, including softer labor figures and confirmation from Powell’s Senate testimony that market conditions are moving towards intended goals. Despite challenges such as the German police selling over 6,000 BTC and the MTGOX incident, BTC did not fall below $54,000.
Why Are Cryptocurrencies Expected to Rise?
Experts anticipate a rise in cryptocurrencies as macroeconomic conditions improve and Germany’s FUD diminishes. Sales from Silkroad and other U.S. sources occur far less frequently compared to those from Germany. After Germany sells its remaining 10,000 BTC, the primary FUD factor will be MTGOX.
Concrete Inferences for Investors
Key Takeaways for Investors
- Watch for softer CPI figures, which could influence Fed rate cuts in the upcoming months.
- Monitor the completion of Germany’s BTC sales, which might reduce market anxiety.
- Focus on the progress and announcements regarding ETH spot ETFs, as these could prompt significant market movements.
- Stay updated on MTGOX refund processes, as clarity here could stabilize the market.
MTGOX last moved its assets five days ago. It’s uncertain how much will be refunded in cash and how much in BTC. If expectations for Fed rate cuts solidify as these uncertainties are resolved, the market could see better conditions in August.