Trump alone is not enough! QCP Capital analyst: Bitcoin bull market still lacks strong profits

This site (120bTC.coM): The U.S. government transferred a large amount of Bitcoin in the early morning of the 30th, suspected of cashing out, which instantly froze the market sentiment that was originally boiling due to Trump's speech. Bitcoin even fell to 6.6 in the morning. Thousand dollar level. Trump's rhetoric is certainly exciting, but QCP Capital analysts pointed out that the cryptocurrency market needs "more powerful bullish support" to achieve a major breakthrough, otherwise Bitcoin will continue to fluctuate within a narrow range.

QCP Capital analysts said: Trump’s speech echoed the expectations of the cryptocurrency industry, but the market may need a stronger catalyst to trigger a major breakthrough. This bullish trend may emerge as the U.S. election approaches, and campaign promises and policies will be clearer at that time.

Analysts also pointed out that even though Trump made extremely optimistic remarks at the "Bitcoin Conference", since Bitcoin failed to break through the all-time high in one fell swoop, "it is likely to continue to fluctuate within a narrow range." ”.

Bitfinex analysts added that the implied volatility of Bitcoin options has declined recently, and market leverage has also increased significantly. These signs indicate that the Bitcoin market will be dominated by "range fluctuations" in the short term.

Looking ahead to the market outlook, Bitfinex analysts still expect that the loose monetary policy tone is expected to support the Bitcoin market and even trigger a bullish trend. Analysts pointed out that inflationary pressures have eased as prices have risen modestly (with lower costs of goods offsetting higher prices for services), increasing the likelihood that the Federal Reserve will cut interest rates in September.

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