QCP Capital, one of the important crypto investment companies in the Asian region, stated that the bullish expectation in the markets continues. In today’s report, the company stated that the declines experienced last week did not continue this week and that they think the crypto world has now found the bottom.
“The macro backdrop has turned rosier over the past week”
In the company’s report, which emphasized the importance of Jerome Powell’s remarks at yesterday’s Senate Banking Committee meeting, the following statements were used:
“The macro backdrop has turned rosier over the past week, and we think crypto has bottomed as we were unable to break lower despite the huge selling pressure.
We maintain our bullishness due to the following tailwinds:
- Labour numbers have come in softer the past week, and even Powell’s testimony to the Senate reaffirmed that market conditions were heading towards their end goal.
- Despite over 6000 BTC being sold by the German Police, and the Sword of Damocles being the Mt Gox release hanging over us, BTC has formed a double bottom and failed to break below 54k.
- Softer CPI numbers tomorrow could finally cement the Fed’s decision to cut in Sep and Dec.
- The flurry of S-1 revisions for ETH spot ETFs could also signal that trading is slated to happen soon. We believe it will happen this month, especially if applicants announce fee schedules.”
In financial markets, a double bottom pattern is interpreted as the price of an asset bottoming out and an upward movement may be coming.