Analysis reveals three bullish factors that could push Bitcoin higher following a $68K drop.

Bitcoin (BTC) experiencing a decline in price to multi-day lows does not pose a threat to its overall upward trend, according to a new analysis. In its most recent market commentary sent to subscribers on May 28, trading firm QCP Capital dismissed concerns about recent dips in price, referring to them as minor setbacks. QCP Capital argues that Bitcoin bulls should not be worried about these temporary drops and that the movement of coins from Mt. Gox wallets, which caused a 2% dip in BTC price overnight, does not necessitate a reconsideration of the market’s trajectory. The analysis provided three reasons to remain optimistic about Bitcoin’s strength in the future. These reasons include the positive performance of US stocks, which is expected to spill over into the crypto market, the increasing political support for cryptocurrencies by US Presidential candidates, and the anticipated uptake of spot Ether exchange-traded funds (ETFs). QCP Capital noted that all three factors are still in their early stages, with the trading of Ether ETFs yet to officially begin following a surprise approval by US regulators earlier this month. QCP Capital is not the only entity that sees a bright future for Bitcoin in the second half of 2024. Financial research firm Fundstrat Global Advisors predicts that the price of Bitcoin could reach $150,000 per coin by the end of the year. Individual traders also anticipate momentum picking up in June, with one trader expecting a new all-time high of $95,000. Despite the movement of coins from Mt. Gox wallets, Bitcoin is still holding a bullish flag, according to popular trader Jelle. An accompanying chart suggested that an impulsive move may occur as a period of consolidation comes to an end. It is important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.