Trading platform QCP Capital believes that it may take a few weeks for Bitcoin to “significantly rise” to $34,000.
In its The latest market trends The next few weeks will be a key decision point for Bitcoin (BTC) price action, analysts said in a report published on Aug. 15.
BTC Price Awaits September ‘End Point’
After months of indecisive behavior, bitcoin remains range-bound, with market watchers keen to predict the return of a certain market trend.
September is a key month on the calendar for QCP Capital, thanks to BTC/USD completing the rising wedge formation that began at the end of the 2022 bear market.
“On the chart, BTC has been in a wedge pattern since the 15k low, reaching the first termination point in early September,” explains part of the update.
The specific area of interest, QCP noted, is $29,300 — which is where Bitcoin spot prices are currently in focus.
“Is there going to be a sharp bounce that takes us to the 34k resistance level – like the previous three kissing support trendlines this year?” It continues around the rising wedge.
“We think it may be a few weeks before we find out. We’re looking at the time to buy back the short end-September call and go long the end-December call.”
The QCP’s view is consistent with various more optimistic views on short-term BTC price strength, including the view that October is the deadline for the return of the Bitcoin bull market in 2023.
However, as Cointelegraph reported, expectations on the topic were scattered, with others warning that new lows could be in the offing before a full recovery.
No macro bitcoin price catalyst in sight
When it comes to macroeconomic trends, QCP believes that major changes are yet to come, which echoes the status quo of cryptocurrencies.
Related: BTC Price Won’t Hit $100,000 Until 2024 Halving – Bitcoin Investing Exec
“The last time trading was this compressed was during the crypto winter of 2018 and 2019, before a change in the macro environment allowed the market to recover again,” the report reads.
Bitcoin Volatility Is Challenging All-Time Lows, Bitcoin Historical Volatility Index (BVOL) Data Shows transaction view.
“While a game shift in the macro environment is yet to be seen, there are some near-term catalysts on the crypto calendar late next month, including Mt Gox, GBTC, a possible SEC ruling on the Blackrock/Fidelity filing, and some potential centralized crypto Currency exchange and stablecoin news,” continued the QCP.
Among other things, the analyst cited the September deadline for comment on the initial bitcoin spot price exchange-traded fund (ETF) application — widely seen as a turning point for the industry.
Europe’s first bitcoin spot ETF began trading on Aug. 15, managed by Fidelity Investments.
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This article does not contain investment advice or recommendations. Every investment and transaction involves risk, and readers should do their own research when making a decision.
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