QCP Capital: Lower US CPI Estimate Could Send Bitcoin to New Highs
CryptoNewsTerminal Staff06 Jun, 2024
QCP Capital: Lower US CPI Estimate Could Send Bitcoin to New Highs
Singapore-based crypto trading firm QCP Capital has hinted that a potential drop in the upcoming US May CPI estimate could propel Bitcoin (BTC) to new highs. This forecast was shared via an official Telegram post. QCP Capital emphasized that "with the US jobless claims coming in above expectations last night, a lower than expected CPI print next week could fuel another leg higher for BTC." The firm further elaborated that the recent $490 million inflow into the US Bitcoin spot ETF showcased the sustained demand for the primary cryptocurrency. Additionally, a dovish stance by the Fed could further fuel the Bitcoin rally. While acknowledging the likelihood of Ethereum (ETH) remaining subdued in the short term due to SEC Chair Gensler's recent comments on the prospects of a spot ETH ETF, QCP Capital expressed its belief that ETH will outperform BTC once such an ETF is approved.
