Crypto analysis company QCP has highlighted a potential milestone for Bitcoin in the near future. According to QCP, upcoming reports on US unemployment claims and the Consumer Price Index could pave the way for Bitcoin to reach all-time highs.
QCP Capital, a cryptocurrency trading firm, has suggested that a positive outcome in the upcoming economic reports could propel Bitcoin to new record levels. They pointed out the significant inflows into spot Bitcoin ETFs and a surge in buying orders worth $488.1 million on Wednesday.
The analysts at QCP Capital believe that this potential rally could gather pace as the market anticipates possible rate cuts. The recent interest rate cuts by the Bank of Canada and the European Central Bank have further fueled this expectation.
In terms of Ethereum, QCP Capital expects the cryptocurrency to underperform in the short term, citing comments from SEC Chairman Gary Gensler regarding the approval timeline for Ethereum ETFs. However, they anticipate that Ethereum will eventually outshine Bitcoin once ETF trading begins.
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