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Bitcoin’s Rally Isn’t Over – But a Drop to $110K Could Be Just What It Needs
The recent rally in the price of Bitcoin (BTC) has paused, with the asset briefly dipping below $120,000. However, market experts at QCP Capital believe that this correction could be exactly what is needed for the current rally to consolidate.
According to QCP’s latest update, a potential drop to around $110,000 could provide a healthy consolidation level for the rally. This would allow the asset to reorganize and potentially set the stage for further growth.
The firm attributes this view to the fact that Bitcoin needs a breather after its rapid ascent in recent weeks. The asset has seen significant gains since early July, with many analysts attributing this surge to increased institutional investment and the growing adoption of cryptocurrencies.
However, QCP Capital believes that profit-taking flows have capped the momentum built over the past week. In light of this, it seems increasingly likely that Bitcoin will need to correct in order to reorganize before potentially breaking new ground.
Despite these views, QCP Capital remains structurally bullish on Bitcoin and sees the recent correction as a buying opportunity.
Source: cryptopotato.com
