Q1 BTC Price Gains Near 70% Suggest Bitcoin Exhibits Fatigue

Bitcoin (BTC) is at risk of experiencing “exhaustion” as it approaches the end of the first quarter of 2024 with a 65% increase in price, according to a warning from trading firm QCP Capital. The firm highlighted that the exponential growth in the first quarter could pose challenges for continued momentum. Despite this, QCP Capital remains optimistic for the second quarter and believes that Bitcoin’s price rally has been exponential and shows signs of exhaustion. The firm also cautioned about leverage and expressed a willingness to take advantage of significant dips in price. Bitcoin’s monthly chart shows a potential match with its record performance, with a 65.4% year-to-date increase. The closing price above $61,000 will result in a seventh consecutive green monthly candle, a feat that has only occurred once before in Bitcoin’s history in 2012. It’s important to note that this article does not provide investment advice, and readers should conduct their own research before making any investment decisions.