Positive comment for Bitcoin: "Uptober will continue"

QCP noted that Bitcoin (BTC) price approached 70,000 dollars and spot ETFs gained a new dimension.

QCP, which publishes market reports on Telegram, reported that an 'exciting' week has passed in the crypto market. QCP emphasized that BTC touched $69,000 with a 10% increase. The report stated that the psychological resistance level at $70,000 became visible.

QCP evaluated whether the rally will continue next week without any macro data.

Can Bitcoin sustain its rise?

According to QCP's report dated October 19, sustainable inflows will continue with SEC's approval of BTC ETF options.

In the QCP report, it is stated that Bitcoin dominance approached the level of 58% seen in April 2021. It is expected to reach the resistance at 60% of the highest level of the year and then decline. QCP believes that the mentioned development in Bitcoin dominance will pave the way for a strong recovery in layer-1 coins.

QCP, which argues that the general outlook in the market is positive, stated that inflation continues to weaken in Japan, with headline inflation falling from 3.0% to 2.5%. Markets are focusing on the fact that the Bank of Japan will not raise interest rates in the near future. According to QCP, the macroeconomic outlook in Japan is keeping BTC strong.

The report stated the following expressions;

"The fact that US stocks are near all-time highs and the Japanese yen is entering a new weakening trend indicates that risk perception will strengthen further as the US elections approach. This situation will push risk assets even higher and 'Uptober' will continue."

This article does not contain investment advice or recommendation. Every investment and trading transaction involves risk, and readers should conduct their own research when making decisions.