QCP Capital has indicated the limit of the fall in the price of Bitcoin
BTC/USD
-2,29%
ETH/USD
-3,27%
QCP Capital has drawn attention to the poor performance of spot Bitcoin ETFs. Exchange-traded instruments have shown weak results, and spot ETH ETFs have recorded almost constant outflows since their launch:
"September has historically been a bearish season, with six of the last seven years showing negative returns and an average return of -4.5%. This would take us to a price of around $54,000 per bitcoin."
The level around $54,000 is key, and if the rate approaches the mark, the asset's volatility will become even more significant, analysts believe.
"Bitcoin ended August down 8.6%. Digital gold failed to rise above $65,000. Ethereum's results were significantly worse - a 22% decline amid expected sales from Jump Trading," QCP Capital experts noted.
According to experts, we should not expect a market reversal towards a bullish trend now - leading digital assets will be in a state of stagnation and declining quotes until the beginning of October.
Earlier, Kaiko reported that the US, Chinese, British and Ukrainian authorities may begin selling off their bitcoin reserves in September. In this case, the price of the first cryptocurrency may approach $53,000.
