Bitcoin shows ‘signs of fatigue’ as Q1 BTC price closes to 70%
Bitcoin (BTC) risks “fatigue” with 65% BTC price gains nearing the end of Q1 2024.
In an update sent to Telegram channel subscribers on March 29, trading firm QCP Capital warned that a “declarative” disclosure could cause problems in the next quarter.
BTC Price Drops After “Boosting” Q1
Bitcoin market watchers will be paying close attention to the weekend as several key candles – weekly, monthly and quarterly – close simultaneously.
After a transformative start to the year, BTC's price action continues to hover near all-time highs, struggling to break into new support.
For QCP Capital, however, the outlook for the second quarter is “very bearish”. He summed it up.
“For Q2, there are enough incentives to create a very promising outlook.
1. Continued demand for BTC spot ETF (and dwindling supply as GBTC runs out)
2. Halving BTC
3. London Stock Exchange ETNs
4. Approval of ETH Spot ETF.
Even so, given the rate of growth since the start of the year — including the launch of U.S.-based Bitcoin exchange-traded funds (ETFs) in January — bulls may have trouble sustaining that momentum.
“At the same time, the price rally is large in Q1 and there are signs of fatigue,” QCP explained.
Sentiment on the biggest altcoin, Ether (ETH), has been dampened and persistently high volume on fixed-currency exchanges.
The update added: “While we remain bullish, we are cautious about leverage and prepared to find some value on big dips.”
Bitcoin monthly chart resembles a record.
The latest live data from Cointelegraph Markets Pro, TradingView and tracking tool CoinGlass confirms that BTC/USD is up 65.4% year-to-date.
Related: Bitcoin ‘sell-side liquidity crisis' sees BTC move for first time since 2010
This is in Q1, 2023, with only 6% separating the two quarters.
A close above $61,000, meanwhile, will mark BTC/USD's seventh consecutive green monthly candlestick – something seen only once in its history in 2012.
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