{"id":12190,"date":"2023-06-03T07:48:59","date_gmt":"2023-06-03T07:48:59","guid":{"rendered":"https:\/\/www.cryptoheretostay.com\/?p=12190"},"modified":"2023-06-03T07:48:59","modified_gmt":"2023-06-03T07:48:59","slug":"bitcoin-big-move-due-in-july-after-march-30k-push-latest-analysis","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=12190","title":{"rendered":"Bitcoin \u2018big move\u2019 due in July after March $30K push \u2014 Latest analysis"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin\u00a0\u201cconsolidation\u201d could end by July, new research predicts as optimism over a BTC price breakout returns.<\/p>\n<p>In its latest market update on June 2, trading firm QCP Capital revealed a bullish bias on both Bitcoin\u00a0 (BTC)\u00a0and the largest altcoin, Ether (ETH).<\/p>\n<h2>QCP Capital: Bitcoin consolidation \u201cplayed out perfectly\u201d<\/h2>\n<p>Bitcoin price has been ranging between $26,000 and $31,000 since mid-March, but analysts are increasingly calling time on the sideways action.<\/p>\n<p>QCP Capital is among them, predicting a change of course as soon as the end of the month.<\/p>\n<p>This, it argues, is thanks to the United States debt ceiling \u201csideshow\u201d vanishing, leaving Bitcoin closely mimicking its consolidation and breakout phase from 2020.<\/p>\n<p>\u201cWith the passage of the Debt ceiling bill through the House and Senate that extends the ceiling until Jan 2025, we can now all move on and not have to worry about any political sideshow again until next year\u2019s US Presidential elections,\u201d it wrote.<\/p>\n<p>\u201cThis means we now return to our regular programming of proper macro and crypto narratives.\u201d<\/p>\n<p>For QCP, the price levels may be different, but the underlying behavior is the same in 2023 as at the start of the COVID-19 pandemic.<\/p>\n<p>Back then, the Federal Reserve unleashed a giant $4 trillion worth of liquidity, buoying risk assets and ultimately sending Bitcoin to new all-time highs.<\/p>\n<p>\u201cIn March 2020 we were on the verge of a massive price breakdown below 5k when the Fed unleashed the liquidity tap, resulting in an exponential price increase as we approached the halving cycle the following year,\u201d it wrote, quoting a previous edition of its \u201cJust Crypto\u201d newsletter series.<\/p>\n<p>\u201cSimilarly in March 2023, we were about to break below 20k on BTC as a result of the banking crisis risk-off, when the Fed again unleashed the liquidity tap to drive us back above\u00a030k, as we head into the next halving cycle next year.\u201d<\/p>\n<p>Should the relationship continue to play out, the next phase is obvious: a dramatic exit of the trading range, with QCP positioning long options plays.<\/p>\n<p>\u201cThis consolidation has played out perfectly so far, but we expect that we are soon coming close to the end sometime this month. As a result, we recommend positioning for an upcoming big move through long 3m and 6m strangles here, with a bias to the long call side,\u201d it added.<\/p>\n<p>An accompanying chart showed the month of June as a hotspot for both BTC and ETH volatility from 2019 onward.<\/p>\n<p><em>3-month \u201cat-the-money\u201d volatility chart for BTC, ETH (screenshot). Source: QCP Capital<\/em><\/p>\n<h2>Betting on a BTC price breakout<\/h2>\n<p>As Cointelegraph reported, other signals coming from Bitcoin point to a new paradigm taking over shortly.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin wicks down to $26.5K, but trader eyes chance for \u2018bullish surprise\u2019<\/em><\/strong><\/p>\n<p>These include an on-chain metric tracking hodler behavior, which in late May put BTC\/USD in a \u201ctransition\u201d phase away from \u201ccapitulation\u201d and on the way to \u201ceuphoria.\u201d<\/p>\n<p>Multiple market participants, meanwhile, argue that BTC price action is at a critical stage, with a decision on its trajectory now due.<\/p>\n<p>BTC\/USD traded at near $27,000 on June 2, data from Cointelegraph Markets Pro and TradingView\u00a0showed, having ended May down 7%.<\/p>\n<p><em>BTC\/USD 1-day candle chart on Bitstamp. Source: TradingView<\/em><\/p>\n<p><strong><em>Magazine: AI Eye: 25K traders bet on ChatGPT\u2019s stock picks, AI sucks at dice throws, and more<\/em><\/strong><\/p>\n<p class=\"post-content__disclaimer\">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-big-move-due-in-july-after-march-30k-push-latest-analysis\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin\u00a0\u201cconsolidation\u201d could end by July, new research predicts as optimism over a BTC price breakout returns. In its latest market update on June 2, trading firm QCP Capital revealed a bullish bias on both Bitcoin\u00a0 (BTC)\u00a0and the largest altcoin, Ether (ETH). QCP Capital: Bitcoin consolidation \u201cplayed out perfectly\u201d Bitcoin price has been ranging between $26,000 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12191,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-12190","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12190","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12190"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12190\/revisions"}],"predecessor-version":[{"id":12192,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12190\/revisions\/12192"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/12191"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12190"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12190"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12190"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}