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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

While Bitcoin Stagnates, Is Altcoin Season Finally Here? QCP Weighs In

Jake Simmons
Jake Simmons
1 year ago
3 mins read
Bitcoin Altcoin season

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While the Bitcoin price has failed to sustainably advance into the $29,000 region since mid-March, several altcoins are currently experiencing a strong rally. Bitcoin dominance has risen to as high as 46.5% in recent weeks, but is currently seeing a small retracement.

Singapore-based crypto options trading firm QCP Capital says in an analysis today that both Bitcoin and Ethereum are entering a difficult time for monetization as both are wedged in a very tight range. Altcoins could benefit from this in the second quarter:

Perhaps Q2 is indeed shaping up to be the quarter of #Alts and #Airdrops, while BTC takes a breather. Pricing has essentially gone nowhere since March 17, when BTC closed at $27.5k and ETH at $1.8k.

Recession Gets More Likely, Bitcoin and Altcoins in Uncharted Territory

According to the company, this is largely due to the tremendous resistance that Bitcoin and Ethereum are facing. Even the major events of the past few days have not been able to get Bitcoin out of its tight trading range. Neither the FOMC meeting on March 22 with the 25 basis point hike nor the CTFC’s lawsuit against Binance were able to change that.

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According to QCP, the markets have largely dismissed civil lawsuits because they are likely to have the same outcome as the BitMEX lawsuit in 2020. “We tend to agree. It is likely to go the same way as a suit against Bitmex a few years back where a large settlement was reached to conclude the affair,” the analysts wrote.

That’s why they saw it as a buying opportunity; but “now on the first sign of a recessionary turn in US data last night,” the firm warned to pay attention to the recession narrative, which will be formed with the macro data coming up this week.

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Both the US dollar and bond yields turned sharply lower yesterday following the release of the ISM manufacturing index, which showed the sharpest decline since April 2020 amid the pandemic. And the recession outlook is likely to cloud further in the coming days, according to QCP:

We expect more weak US data to come out this week, further cementing the recession narrative. After many false dawns, we believe this will indeed be the lasting one.

Since both Bitcoin and cryptocurrencies in general have never been in a recessionary environment, the asset class should be classified as “unproven”, according to QCP Capital, which is even more true for a stagflationary environment.

However, should the Federal Reserve act quickly in a recession, as it did during the banking crisis last month, QCP expects Bitcoin to soar and lead the crypto market once again. But the risk of major headwinds is high according to QCP Capital – for both Bitcoin and Altcoins:

Price-wise all the easy work is now done, and we have gotten to the hard work zone for bulls. Firstly, Q2 tends to be a difficult quarter for risk markets, crypto notwithstanding.

At press time, the bitcoin price was at $28,329 and has fully recovered from the FUD crash over an Interpol Red Notice for Binance CEO Changpeng Zhao.

Bitcoin price
Bitcoin price, 1-hour chart | Source: BTCUSD on TradingView.com
Featured image from iStock, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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