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Analyst Share 3 Reasons Why Bitcoin Could Surge After Recent Dip

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Bitcoin’s price recently dip. Causing concern among investors. However, experts believe this dip is only temporary and that multiple factors are aligning to boost the price back soon.

A leading crypto trading firm, QCP Capital, assert that Bitcoin’s price strength is not in danger despite the sell-off from the infamous Mt. Gox.

One of the key factor that could push this price up is the increased in institutional adoption.

Bitcoin’s Uptrend Remains Strong Despite Minor Setbacks, Says QCP Capital

Bitcoin investors can now have relief, as the recent 2% price drop. According to QCP, this drop caused by of coins moving from the infamous Mt. Gox wallets is not expected to change the overall upward trend within the crypto market.

Source: X Post

The leading crypto trading firm remains bullish on Bitcoin’s future, citing several reasons for its continued strength.

Also, QCP Capital views this slight dip in the market as minor issue in the broader upward trend.

“These bouts of supply anxiety are likely to be blips in a broader trend higher into the end of the year,” the analysts wrote.

One of the primary bullish factors highlighted by QCP Capital is the strong performance of U.S. stocks in the crypto market.

Moreover, the growing political support for cryptocurrencies in the United States is another factor that could boost the industry.

Further, the firm even think President Biden could follow former President Trump’s lead in openly supporting the industry.

QCP Capital also points to the potential impact of the forthcoming spot Ether ETFs, which could further legitimize and drive mainstream adoption of cryptocurrencies.

Crypto Experts Unwavered in Bullish Bitcoin Outlook Despite Turbulence

QCP Capital is not alone in its optimistic outlook for Bitcoin’s price action in the latter half of 2024.

Fundstrat Global Advisors, a prominent financial research firm, is among the corporate organisations that are bullish on BTC.

This firm predicting that Bitcoin could reach a staggering $150,000 per coin by the end of the year.

Some expect momentum to increase in June, possibly pushing Bitcoin to a new all-time high of $95,000.

“Bitcoin is holding the bullish flag, despite Mt. Gox transferring a boatload of coins,” noted a popular trader known as Jelle, commenting on the short-term trend.

Source: X Post

Jelle further added, “The market is rangebound – but will quickly turn fully bullish if we get above $70,000 again. Patience until then, but it looks strong.”

In addition, Jelle added a chart which showed a potential upward move is due to occur as the consolidation period comes to an end.

While the Mt. Gox sell-off caused a temporary 2% dip in Bitcoin’s price overnight, experts remain unfazed.

READ ALSO: Bitcoin Enters Important Price Phase, What Next for BTC?

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