QCP Capital: Bitcoin expected to return to $70,000 this week while Ethereum continues to weaken
According to news on April 5, crypto market maker QCP Capital pointed out in its latest research report that at the beginning of the second quarter of 2024, the crypto market performance was sluggish. Bitcoin price fell below $70,000 and was trading within a tight range. ETF inflows are not large enough to drive price movements. Funding rates have leveled off, with the front end of the forward curve falling from a high of 50% to below 20%. It is worth noting, however, that the back end of the forward curve remains elevated and investors are interested in longer-dated spot-forward basis positions. This is likely due to continued demand for Bitcoin’s 2025 forward call options. QCP believes that bullish demand for Bitcoin and upward momentum from spot ETF inflows will support Bitcoin prices and is expected to push Bitcoin above $70,000 by the end of the week. On the other hand, Ethereum continues to be weak. ETHBTC is testing key support after falling below 0.05. The market continues to sell off Ethereum call options in large quantities, lowering the implied volatility and putting some downward pressure on the price. QCP analysis believes that this may once again herald a very early signal that altcoins represented by Ethereum are turning from enthusiasm to panic.
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