QCP Capital: Before the upward trend resumes, Bitcoin may fall back to $36,000
QCP Capital, headquartered in Singapore, wrote in a recent report that the Bitcoin (BTC) spot exchange-traded fund (ETF) launched in January is expected to initially face weak demand, which could lead to selling pressure and short-term volatility for Bitcoin. This may shift focus towards Ethereum (ETH). QCP stated, "The actual demand for the Bitcoin spot ETF at the beginning may be lower than market expectations. We expect upward resistance for Bitcoin to be in the range of $45,000 to $48,500 and it may retrace to $36,000 before resuming its upward trend."
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