Bitcoin’s price bounce is largely due to delay rumors for Mt. Gox repayments into 2024 but its outlook remains bearish, QCP Capital argues.
Bitcoin’s price bounce is largely due to rumors of a delay for Mt. Gox repayments into 2024, QCP Capital argues, with the firm remaining bearish on its outlook.
."With the prior expected date just a month away, we believe many went short on this, and an official announcement will surely drive a short squeeze identical to the release of the SEC vs. GBTC judgment last month." While the market remains speculative about another potential volatility squeeze, it's unlikely that the upcoming FOMC meeting will be the trigger, with another pause widely anticipated. The FOMC's appetite for further rate hikes this year also seems minimal, according to QCP.
A potential U.S. government shutdown at the end of September, with funding for the federal government set to run out unless action is taken by Congress, and rising oil prices all fuel the tail risks, QCP said. It claimed that the Fed was unlikely to act on suppressing volatility this time.
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