Quiet Summer Ahead For Bitcoin, But Ethereum Holds Potential for Surprise

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,280,521,751,574	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,280,521,751,574

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-1,139.31	-1.71%	65,346.63	65,346.62	65,346.63

Price Change

Price Change %

Current Price

Bid Price

Offer

-1,139.31

-1.71%

65,346.63

65,346.62

65,346.63

High Price	Low Price	Open Price	Prev. Close	52 Week Range
66,558.23	64,555.00	66,541.44	66,485.94	24,900.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

66,558.23

64,555.00

66,541.44

66,485.94

24,900.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	12:59:29	0.001451	65,346.63	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

12:59:29

0.001451

65,346.63

USD

Price x Volume	Volume	Base Symbol	Related Pairs
575,380,739.45	8,791.66	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

575,380,739.45

8,791.66

Quiet Summer Ahead For Bitcoin, But Ethereum Holds Potential for Surprise — QCP Capital

15/06/2024 4:00am

NEWSBTC

According to the latest report by QCP Capital, options data reveals a plunge in trading volatility, particularly for Bitcoin, meaning cryptocurrency traders could be in for a tamer summer. The research firm, which is well known for spotting new market trends, points out that the data patterns in the charts suggest that we are likely to have a more shallow trading period for now. This comes as the market is still recovering from recent highs and lows, consigning traders in limbo trying to make sense of the next big play. Related Reading: Is The Crypto Surge Over? Bitcoin Stalls At $72,000 As Investor Enthusiasm Wanes Ethereum Is In For An Active Summer Despite Anticipated Market Lull The one exception is that the Ethereum options show significantly higher implied volatility than that of Bitcoin. This suggests that although the market, in general, could cool off, Ethereum could still see a relative surge in trade. In their report, QCP Capital advised traders to consider accumulation strategies, particularly for Ethereum, in preparation for what they term “the long, quiet summer.” This approach could be beneficial if the market maintains its predicted low volatility. Additionally, they do not foresee any significant price movements for Ethereum in July, aligning with the expectations set around the potential approval of a spot Ethereum spot Exchange-traded funds (ETFs later in the summer. However, the speculation surrounding the approval of an Ethereum spot ETF is creating a buzz, with traders eyeing the S-1 Form approval that could bring more action to Ethereum’s market. Ethereum’s implied volatility currently stands at a 10 vol premium to Bitcoin, which QCP analysts expect to narrow as the market begins to price in the anticipated US spot ETF approval. This suggests that while the summer might be quieter, there could still be critical developments that could influence market dynamics in the latter part of the season. Bitcoin & ETH Market Performance And Sentiment Reflecting on recent market performance, Bitcoin and Ethereum have shown noticeable declines. After a bullish phase spurred by the US SEC’s approval of spot Ethereum ETFs last month, cryptocurrencies have closely mirrored each other in market downturns. Related Reading: Analyst Who Correctly Predicted Bitcoin’s Surge And Crash Reveals Where Price Is Headed Next Over the past week, Ethereum has seen a significant 8.5% decline, with a 1.4% drop in just the past 24 hours. Similarly, Bitcoin has experienced a 1.4% decrease today, continuing a week-long downtrend that brought its price below $66,000. In light of these fluctuations, Bitcoin maximalist Samson Mow has made intriguing predictions about potential market movements. According to Mow, the likelihood of Bitcoin experiencing a significant price surge—or what he refers to as an “Omega candle”—is increasing as market pressure builds up. The #Bitcoin coil is super compressed now. The longer we go without a Godzilla candle, the more likely it is to get an Omega. — Samson Mow (@Excellion) June 13, 2024 Featured image created with DALL-E, Chart from TradingView

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