QCP Capital Analysts: Bitcoin Spot ETF Unlikely in 2023, Predict BTC Rally Timing

The cryptocurrency market is currently abuzz with one central theme: the arrival of Bitcoin (BTC) spot exchange-traded funds (ETFs).

As per the insights of industry analysts, a faux news tweet concerning Spot ETFs by Cointelegraph on a Monday spurred a rapid BTC price surge, with the cryptocurrency's value soaring by over $2,000 before experiencing a subsequent reversal. This price volatility vividly underscores the crypto community's high hopes for the advent of BTC spot ETFs.

Yet, cryptocurrency analysis experts at QCP Capital anticipate that the Securities and Exchange Commission (SEC) is unlikely to grant approval for any BTC spot ETF applications or conversions within the current year. This prognosis leaves the broader BTC market susceptible to the influence of macroeconomic factors for the remainder of Q4, potentially seeing BTC prices fluctuating between sub-$25,000 and above the $32,000 mark.

In addition to this analysis, the firm also highlights lingering risks to traditional stocks and bonds, emphasizing the potential for a significant risk-parity calamity should both asset classes experience a substantial sell-off. Analysts at QCP Capital believe that if BTC demonstrates its role as a safe haven during such a market turmoil, it could herald the beginning of a substantial multi-month BTC bull market.

QCP Capital is closely monitoring the unfolding events in the financial world, including US corporate earnings reports scheduled for this week and Federal Reserve Chairman Jerome Powell's forthcoming address on Friday. Notably, the firm maintains a keen interest in Tesla's earnings results, especially concerning the disposition of their remaining 25% BTC holdings, following their announcement last year that they had sold 75% of their Bitcoin assets (amounting to 30,000 Bitcoins).

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