Bitcoin and crypto markets risk 'exhaustion' as Q1 BTC price gains sit at 65% into the monthly, quarterly close.
While there are reasons to be "very bullish" on Q2, the sheer speed of the Bitcoin and crypto bull market may be cause for concern, says QCP Capital.In an update sent to Telegram channel subscribers on March 29, trading firm QCP Capital warned that “exponential” upside could pose a problem next quarter.For QCP Capital, the outlook for the second quarter nonetheless remains “very bullish.” It summarized:4. Potential ETH spot ETF approval.
Despite this, the extent of progress since the start of the year — including the launch of the United States spot Bitcoin exchange-traded funds in January — has been such that bulls may have problems continuing that momentum. “At the same time, the price rally has been exponential in Q1 and there are signs of exhaustion,” QCP explained.“While we remain bullish, we are cautious about leverage and we are also prepared to scoop some value on big dips,” the update concluded.Closing much above $61,000, meanwhile, BTC/USD will print a seventh consecutive green monthly candle — something only seen once before in its history in 2012.This article does not contain investment advice or recommendations.
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