QCP Capital Shares Its Predictions on the State of BTC and ETH Price After Bitcoin Spot ETF Approval

Bitcoin price continues to trade at $44,000. QCP Capital analysts published an analysis of market trends in light of this development.

According to analysts, the launch of the BTC Spot ETF is less than three weeks away. ETF approvals may be announced on January 5, when the Market closes, or between January 8-10, 2024. The final issue between “cash only” and “in-kind” has been resolved, as nearly all ETF providers have accepted the SEC’s “cash only” requirement.

As we approach launch, QCP Capital initially points out that actual demand for the BTC Spot ETF will likely fall short of market expectations. This creates a classic “sell the news” scenario in the second week of January, according to analysts.

Therefore, analysts are expecting upper resistance for BTC in the $45,000 – $48,500 region and a possible pullback to $36,000 levels before the uptrend resumption. While the market is positioning for a strong rally towards BTC’s halving, analysts are confident that the uptrend will continue, perhaps in a few weeks.

ETH could also be an interesting laggard here, as the market’s expectation could quickly pivot to an Ethereum spot ETF, potentially leading to shifts from BTC to ETH, according to analysts. Analysts point to very strong support on the ETHBTC cross at 0.051.

Although ETH spot ETF approval is still months away, this will not prevent soon-to-be approved BTC spot ETF providers from immediately applying for an ETH spot ETF, according to analysts. According to QCP Capital analysts, such excitement could create some speculative growth for the ETH price, whether justified or not.

*This is not investment advice.