Crypto:
30188
Bitcoin:
$69.733
% 4.34
BTC Dominance:
%54.4
% 0.13
Market Cap:
$2.44 T
% 3.67
Fear & Greed:
74 / 100
Bitcoin:
$ 69.733
BTC Dominance:
% 54.4
Market Cap:
$2.44 T

Crypto Analyst Firm: Bearish on Bitcoin, Bullish on Ethereum

Bitcoin

Cryptocurrency analysis firm QCP Capital has shared its views on Bitcoin and Ethereum.

In a recent analysis published by crypto analyst firm QCP, the firm expressed a bearish outlook for Bitcoin (BTC) and a bullish outlook for Ethereum (ETH).

QCP highlighted potential supply pressures on Bitcoin from two main sources. The first is the expected distribution from the infamous Mt. Gox bankruptcy case, which could flood the market with approximately $9.6 billion worth of Bitcoin. The second source is the recent DMM hack incident, which could result in an additional $305 million in supply.

The Mt. Gox case has been an ongoing issue in the Bitcoin community for a long time, and the potential distribution of the recovered Bitcoin could be a significant event that impacts the market. Similarly, the recent DMM attack has also added to the potential supply pressure on Bitcoin.

On the other hand, QCP expressed a bullish outlook for Ethereum. The firm anticipates that Ethereum spot ETFs could start trading earlier than expected, possibly in June. This follows the US Securities and Exchange Commission (SEC) urging applicants to submit their S-1 forms by May 31st.

QCP believes this development could catch a sleepy market off guard and their claims are particularly bullish for Ethereum. Analysts believe that the launch of Ethereum spot ETFs could potentially increase demand for Ethereum and provide positive support for its price.

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