Experts Announce the Levels They Expect Bitcoin to Follow in the Short Term

Bitcoin has experienced a significant pullback this week, retreating from recent highs of $65,000 to the $58,000 to $60,000 range, according to cryptocurrency analysis firm QCP Capital.

The reversal came after last week’s gains and signaled cautious sentiment in the market.

According to the analytics firm, one of the notable developments was the outflow of funds from Bitcoin spot ETFs, which recorded four consecutive days of withdrawals. BlackRock’s IBIT fund in particular witnessed a notable change in investor behavior, with $13.5 million in outflows for the first time since May.

On the broader economic front, the latest U.S. Personal Consumption Expenditures (PCE) inflation data came in softer than expected, rising 2.5% YoY compared to expectations of 2.6%, reinforcing expectations for a more dovish stance from the Federal Reserve in the fourth quarter. Stocks responded positively, with the Dow Jones Industrial Average reaching a new all-time high, the report said.

QCP Capital suggests that the upcoming Nonfarm Payrolls (NFP) report could be a key indicator of the Fed’s next move. A weaker-than-expected result could strengthen the case for a Q4 rate cut, according to QCP analysts; current market probabilities are 33% for a 25bp cut and 67% for a 50bp cut.

Despite these macroeconomic developments, QCP Capital believes the crypto market is likely to remain in a holding pattern. “With recent macro news proving to have little impact on the crypto market, we believe BTC will remain in the $58,000-$65,000 range in the short term as the market awaits positive catalysts to break out of this range,” the firm said.

*This is not investment advice.

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