Do not 'rule out' a new bear market low for Bitcoin, even if BTC hits $30,000, warns QCPCapital.
) may gain another 50% before seeing a mass sell-off to complete its bear market, new research predicts.,” trading firm QCP Capital delivered a grim warning to those who believe that crypto winter is over.Bitcoin has surprised by retaining new support levels abruptly reclaimed in its week-long bull run, so far topping out at $21,650.
Despite widespread suspicion over the “choreographed” move, BTC/USD has nonetheless clawed back key trend lines and psychological price points. For QCP, there is still plenty of fuel to send the pair higher, but that still does not mean that the bear market overall is done and dusted. Updating its long-term Elliott Wave price analysis, it argued that the current upside constitutes a Wave 4 for Bitcoin — essentially a bear market relief move.“We are sticking with our view that this bounce since November 2022 lows, is just a Wave 4 correction and we have a final Wave 5 selloff to go.”
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