“Bitcoin Will See This Level in October” Famous Company Warns!

The cryptocurrency market will experience serious selling pressure caused by FTX, which went bankrupt tomorrow. On the other hand, crypto trading giant QCP Capital predicts a selling pressure for Bitcoin that will last until the end of the year. The company points to October as a critical level for Bitcoin.

QCP Capital expects a decline for Bitcoin in the last quarter of 2023

Making a statement on Tuesday, the company included its predictions: “We anticipate completing the quarter at low levels.” According to QCP Capital, Bitcoin will hit below $23,000 in October. A number of factors are behind this pessimistic forecast. Among these, upcoming macroeconomic events and high US inflation data stand out.

The US Federal Reserve (FED), which will meet on September 20, is expected to adopt a “more hawkish than expected” attitude. QCP also predicts that the rate hike may be suspended next week.

The company has announced that it will sell FTX tokens and Mt. Gox’s impending bankruptcy payments will “constrain” the market, he warns. The report said, “Theoretically, we expect a bottom at the beginning of next month. “However, the real bottom will emerge in mid-October.” In the company’s opinion, we may see an upward trend in the first quarter of the year as the bad news ends.

Tomorrow is critical: FTX sales may begin

The Bitcoin and altcoin market continues to be shaken by the bankruptcy process of the FTX exchange. Within the scope of bankruptcy proceedings, it is planned to obtain court approval for the sale of some cryptocurrencies. This increases selling pressure among investors. The exchange applied for the token sale last August.

FTX owns $1.16 billion worth of SOL tokens, most of which it plans to unlock between 2025 and 2028. cryptokoin.com We have included other cryptocurrencies that are ready for sale in this article. One of them, Justin Sun, the founder of Tron, stated that FTX is considering a proposal to reduce the potential sales impact on the crypto community. “I can buy TRX tokens over-the-counter so there is no problem,” Sun said.

Bitcoin forecasts remain optimistic for the long term

BitMEX’s previous CEO, Arthur Hayes, also updated his Bitcoin (BTC) predictions in a new blog post. Hayes emphasized that the FED’s interest policies have a great impact on Bitcoin. He claimed that BTC could rise up to $70,000 if the FED decides to reduce interest rates.

Hayes expected that the FED would stop increasing interest rates after the financial crisis in March and Bitcoin would rise. However, the FED decided to increase interest rates to control inflation.

Hayes stated that economists are wondering when the FED will stop increasing interest rates. He stated that after the banking crisis in March, the FED made a surprise decision to increase interest rates.

At this point, “The FED is actually responsible for protecting the banks. “In fact, we thought that the FED would stabilize the banking system by reducing interest rates,” he wrote. However, the FED increased interest rates to reduce inflation. Hayes reveals a very optimistic outlook in his Bitcoin predictions.

BTC price’s journey to $70,000

Hayes stated that the reason why Bitcoin could not reach $ 70,000 was that people focused on the FED increasing interest rates further and did not attach enough importance to the decrease in inflation. In their analysis, “Bitcoin has a positive relationship with FED policies. “Real rates turning positive is a bullish signal for Bitcoin,” he wrote.

The former CEO of BitMEX stated that Bitcoin is a reasonable alternative for people. Part of their analysis states, “BTC’s limited supply and fast payment network poses great competition to banking and investment systems. “Buying Bitcoin is now a more logical option,” he wrote.