Q1 BTC Price Gains Near 70% Indicate Bitcoin’s Fatigue

Bitcoin (BTC) is facing potential exhaustion as it approaches the end of the first quarter of 2024, during which it has experienced a 65% increase in price, according to trading firm QCP Capital. The firm warns that the exponential growth seen in the first quarter could pose a challenge in the next quarter. Despite this, QCP Capital remains optimistic about the second quarter, describing the outlook as “very bullish.” However, it acknowledges signs of exhaustion in the market, including declining sentiment towards Ether (ETH) and high funding rates on exchanges. The firm advises caution with leverage and suggests taking advantage of significant price dips. BTC/USD has gained 65.4% year-to-date, and if it closes above $61,000, it will mark a seventh consecutive green monthly candle, a feat only achieved once before in 2012. This article does not provide investment advice and readers are encouraged to conduct their own research before making any investment decisions.