In anticipation of a potential approval of the Ethereum Spot ETFs, some crypto investors could move their capital from BTC to ETH ahead of an expected rally in Ethereum\u2019s price. The trading firm stated that they are \u201cleaning against very strong support in the ETHBTC cross at the 0.051 level.\u201d<\/p>\n
QCP Capital, however, believes that any approval of an Ethereum Spot ETF is still \u201cmany months away.\u201d In the meantime, they expect that Ethereum\u2019s price will notable rallies based on such speculations. This could be something similar to what happened with Bitcoin, as the flagship cryptocurrency enjoyed significant rallies on the back of the Spot BTC approval rumors.<\/p>\n
Featured image from Freepik, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
A recent market update by the trading firm QCP Capital has provided insights into how Bitcoin\u2019s price would react if a Spot Bitcoin ETF gets approved in January. The firm predicts that there could be a major retracement before any move to the upside. Bitcoin Could Retrace To $36,000 QCP Capital predicts that Bitcoin could retrace to around $36,000 before an uptrend resumes. At the same time, they expect Bitcoin to face a topside resistance between the $45,000 and $48,500 region. These projections are based on what they expect to happen if the Securities and Exchange Commission (SEC) approves Spot Bitcoin ETFs in January. Related Reading: Harmony To See Redemption? Analyst Predicts Meteoric 650% Rise For ONE Token QCP Capital is of the opinion that the actual demand for these investment funds might fall short of market expectations at the beginning. If so, it set things up for the classic \u2018sell the news\u2019 scenario, which would cause Bitcoin\u2019s price to dump. The trading firm had previously opined that Bitcoin could hit its all-time high of $69,000 if these Spot Bitcoin ETFs saw enough capital upon launching. Then, they also warned that approval could end up being a sell-the-news event if inflows into these funds were below par. Now, they seem to be suggesting that the latter is likely to happen. However, they don\u2019t expect that Bitcoin will stay down for too long as they are confident that Bitcoin\u2019s recent resurgence will continue at some point. They estimate that this will likely happen after a few weeks, especially as traders position for a strong rally ahead of the next big thing – the Bitcoin Halving. This event is projected as what will spark the next bull run. BTC price at $43,278 | Source: BTCUSD on Tradingview.com All Attention Will Turn To Ethereum Ethereum might be the next big play once the pending Spot Bitcoin ETFs are approved. QCP Capital foresees the market\u2019s anticipation, quickly turning to the Ethereum Spot ETFs. Just like with the Spot Bitcoin ETFs, a number of asset managers have also filed to launch a fund that offers direct exposure to Ethereum. Related Reading: Crypto Analyst Predicts XRP Price Will Hit $1.33 \u2018Pretty Fast\u2019 In anticipation of a potential approval of the Ethereum Spot ETFs, some crypto investors could move their capital from BTC to ETH ahead of an expected rally in Ethereum\u2019s price. The trading firm stated that they are \u201cleaning against very strong support in the ETHBTC cross at the 0.051 level.\u201d QCP Capital, however, believes that any approval of an Ethereum Spot ETF is still \u201cmany months away.\u201d In the meantime, they expect that Ethereum\u2019s price will notable rallies based on such speculations. This could be something similar to what happened with Bitcoin, as the flagship cryptocurrency enjoyed significant rallies on the back of the Spot BTC approval rumors. Featured image from Freepik, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":567096,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,679,1119,89185,1122,1144,78790],"class_list":["post-567088","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\n
Crypto Trading Firm Expects Bitcoin To Crash To $36,000, Here\u2019s Why<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n