QCP Capital Does Not Anticipate SEC Approvals For Bitcoin ETF in Q4 2023
QCP Capital, a Singapore-based cryptocurrency investment firm, has announced its fourth-quarter market prediction for 2023, anticipating further uncertainty and volatility in the Bitcoin and equity markets.
According to QCP Capital’s study, Bitcoin’s price is now being driven by speculation about whether the United States Securities and Exchange Commission (SEC) will authorize a spot Bitcoin ETF this year.
However, QCP Capital expects that the SEC will not approve a spot Bitcoin ETF this year.
This eliminates a possible trigger for Bitcoin’s price, making it more vulnerable to current macroeconomic conditions. QCP Capital is also negative on equity markets for the fourth quarter of 2023. They noted the present prevailing confidence about an equities year-end surge as a contrarian indicator that the opposite may occur.
The combination of rising US real interest rates and simmering geopolitical tensions throughout the world, particularly the wars in Ukraine and Palestine, has created a volatile mix that might have a detrimental impact on investment markets.
According to the research, these variables might cause a substantial drop in equities and bonds, potentially resulting in a “major risk-parity catastrophe.” QCP Capital advises investors to brace themselves for substantial volatility in Q4, whether due to macroeconomic headwinds or geopolitical concerns.
Furthermore, the study alerts long-term traders’ attention to Tesla’s imminent earnings presentation. They recommend keeping an eye out for information on whether Tesla has unloaded its remaining 25% stake in Bitcoin. However, such a decision by Tesla might have repercussions throughout the cryptocurrency industry.
QCP Capital likewise recommends investors to brace themselves for a difficult fourth quarter. This prediction sticks out among other experts’ more hopeful predictions. BlackRock CEO Larry Fink recently stated that Bitcoin is on a “flight to quality,” but crypto analyst Jason Pizzino predicts a potential Bitcoin surge to a new all-time high in 2023-2024 to 2024 paints a different image.
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