Bitcoin could retreat to $36,000 before resuming uptrend: QCP Capital | CoinDesk JAPAN

Singapore-based QCP Capital said its Bitcoin (BTC) spot exchange-traded fund (ETF) is expected to launch in January but is expected to face modest demand initially. That could lead to a “sell on the news” scenario, he wrote in a recent memo. This could lead to short-term volatility in Bitcoin and a shift in focus to Ethereum (ETH).

“Actual demand for the initial Bitcoin Spot ETF is likely to be lower than market expectations,” QCP wrote. “We expect Bitcoin to see resistance in the range of $45,000 to $48,500, with a possible pullback to the 36,000 level before the uptrend resumes.”

Bitcoin is trading around $43,700 at the time of writing, up 2% from the previous day.

Ethereum is expected to see a market shift away from Bitcoin and become a secondary investment option, with speculative interest in the upcoming Ethereum spot ETF driving ETH prices higher even before the ETF is listed. QCP writes that there is a possibility that

“Ethereum could be an interesting laggard stock,” QCP said, adding that “headline excitement like this could shape some speculative gains in ETH price, whether it is justified or not.” There is a possibility.”

CoinDesk reports that BlackRock, NASDAQ, and the Securities and Exchange Commission (SEC) will hold their second meeting in a month to discuss rule changes for listing Bitcoin ETFs. , BlackRock reported that it had amended its proposal to include cash redemptions to align with the SEC’s wishes.

Grayscale also recently met with the SEC for the second time.

Bitcoin is up 17% in the past month as expectations for ETFs grow, according to data from CoinDesk Indicies.

｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Image: Shutterstock
｜Original text: Bitcoin Could Retract to $36K Before Uptrend Resumes, QCP Capital Says