QCP Capital, a trading desk, believes that Bitcoin is at a crucial inflection point based on its historical price performance and astronomical patterns. They predict that Bitcoin prices could rise towards the $33,000 to $35,000 level in a bull run, reversing the sharp losses experienced in 2022. However, after a 20% rally from mid-June 2023, there may be a contraction that could cause the coin to dip following its impressive performance in the past few weeks.
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Supermoon could be responsible for Bitcoin's potential crash or rise towards $35,000 in July. Supermoons Coincide With Key Bitcoin Price Reversals
The trading desk analyzed the technical and fundamental factors that influenced Bitcoin's past performance during different cyclical stages. In early 2020, Bitcoin experienced a significant drop due to fears related to the COVID-19 pandemic and subsequent lockdowns. However, it rebounded with a 161% rally between March and May of that year. Similarly, from mid-June to August 2022, during the last cyclical bear market, Bitcoin prices surged by 43%. However, the market corrected from April to June 2021, resulting in a 51% decline despite the predominantly bullish trend. Supermoon could be responsible for Bitcoin's potential crash or rise towards $35,000 in July.
It has been observed by the trading desk that significant reversals in bearish and bullish runs have occurred during a supermoon. A supermoon is a full moon that appears when the moon is at its closest point to the Earth in its elliptical orbit. This phenomenon occurs only once or twice a year and the moon appears brighter than usual during this time. The most recent supermoon occurred on July 4th, and the trader believes Bitcoin is currently at a critical reaction point.
Despite the belief that supermoons correlate with bullish markets, there is no scientific evidence or statistical correlations to support this claim. However, the trader's analysis of multiple correlations and the timing of peaks and bottoms of Bitcoin prices during supermoons suggest that it can be used to predict BTC markets.
Will Prices Rally Or Dump?
The trading desk remains optimistic about the possibility of BTC rallying to the $33,000 to $35,000 liquidation zone, but acknowledges the importance of monitoring the Federal Reserve's monetary policies in the future. While inflation has been decreasing, it has not yet reached a low enough level to warrant a rate cut, which could potentially benefit Bitcoin as a store-of-value asset. However, the trading desk also expresses caution, noting that BTC faces strong resistance at current spot levels and that the recent leg up may have been the fifth and final wave from November 2022 lows. Additionally, the $33,000 to $35,000 resistance zone is a critical trend line.
For this reason, any dump may see BTC retest the $24,000 and $26,000 support zone.
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