{"id":536251,"date":"2023-06-02T15:30:51","date_gmt":"2023-06-02T15:30:51","guid":{"rendered":"https:\/\/uniquehot.com\/?p=536251"},"modified":"2024-06-11T08:16:19","modified_gmt":"2024-06-11T08:16:19","slug":"no-more-crab-bitcoin-poised-for-explosive-move-above-30000","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/no-more-crab-bitcoin-poised-for-explosive-move-above-30000\/","title":{"rendered":"No More Crab: Bitcoin Poised For Explosive Move Above $30,000"},"content":{"rendered":"<p><strong>Bitcoin is recording minor profits on higher timeframes but has been unable to display significant price action. In this context, volatility is reaching a record low, but the status quo could suddenly shift in the short term. <\/strong><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/galaxy-digital-ceo-mike-novogratz-says-this-will-kickstart-the-bitcoin-bull-market\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">Galaxy Digital CEO Mike Novogratz Says This Will Kickstart The Bitcoin Bull Market<\/a><\/div>\n<p>As of this writing, Bitcoin trades at $27,100 with sideways movement in the last 24 hours. In the previous week, BTC recorded a 3% increase, while other assets in the top 10 by market capitalization show similar performance, with XRP and MATIC leading the small uptick.<\/p>\n<figure id=\"attachment_536261\" aria-describedby=\"caption-attachment-536261\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-536261 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/06\/Bitcoin-BTC-BTCUSDT.png?resize=860%2C410\" alt=\"Bitcoin BTC BTCUSDT\" width=\"860\" height=\"410\"><figcaption id=\"caption-attachment-536261\" class=\"wp-caption-text\">BTC&#8217;s price moving sideways on the daily chart. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/hstM8J8q\/?symbol=BINANCE%3ABTCUSDT\" target=\"_blank\" rel=\"noopener nofollow\"><strong>BTCUSDT Tradingview<\/strong><\/a><\/figcaption><\/figure>\n<h2>The New And Old Status Quo, Bitcoin\u2019s Path Towards New Highs<\/h2>\n<p>Per a recent <a href=\"https:\/\/qcp.capital\/featured-article\/market-update-2-jun-23\/\" target=\"_blank\" rel=\"noopener nofollow\">report<\/a> from the trading desk of QCP Capital, the macroeconomic landscape has become clear as political actors in the U.S. reached a compromise on the Debt ceiling. The narrative around this event was triggering uncertainty in the financial sector.<\/p>\n<p>Increased uncertainty contributed to the decline in volatility and the sideways movement across risk-on assets, including Bitcoin. In that sense, QCP Capital claims that BTC is following a trajectory similar to 2020 when uncertainty in the macro scene and the crypto market emerged from a long winter.<\/p>\n<p>At that time, the cryptocurrency declined to a critical level and displayed sideways movement throughout the year. As seen in the chart below, Bitcoin has not only behaved as it did in 2020 but trended upwards later that year.<\/p>\n<figure id=\"attachment_536260\" aria-describedby=\"caption-attachment-536260\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-536260 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/06\/Bitcoin-BTC-BTCUSDT-Chart-2.jpeg?resize=860%2C375\" alt=\"Bitcoin BTC BTCUSDT Chart 2\" width=\"860\" height=\"375\"><figcaption id=\"caption-attachment-536260\" class=\"wp-caption-text\">BTC&#8217;s price follows a similar trajectory to 2020; is a bull run incoming? Source: QCP Capital<\/figcaption><\/figure>\n<p>QCP Capital expects BTC to perform following this fractal, with a break in the sideways price action coming soon. The trading desk noted:<\/p>\n<blockquote><p>This consolidation has played out perfectly so far, but we expect that we are soon coming close to the end sometime this month. As a result, we recommend positioning for an upcoming big move through long 3m and 6m strangles here, with a bias to the long call side.<\/p><\/blockquote>\n<h3>BTC To Vibe With The Season<\/h3>\n<p>The decline in volatility has led to a decrease in the price of BTC options. Therefore, QCP Capital believes building a BTC position with a long bias using these financial products could be fruitful.<\/p>\n<p>As seen in the chart below, volatility for the 3 months at the money (ATM) options are moving with historical data. Before the summer and until late June, volatility trends lower before recording an explosive move.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/litecoin\/litecoin-breaks-95-as-whale-transactions-spike\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">Litecoin Breaks $95 As Whale Transactions Spike<\/a><\/div>\n<p>This year, the move is to the upside, according to QCP:<\/p>\n<blockquote><p>Seasonality on the implied vol market over the past 4 years also argue for a sharp June rally before the summer lull (Chart 4). This is in line with macro market seasonalities as traders rush to adjust positions in June before their summer breaks.<\/p><\/blockquote>\n<p>Cover image from Unsplash, Chart from Tradingview<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin is recording minor profits on higher timeframes but has been unable to display significant price action. In this context, volatility is reaching a record low, but the status quo could suddenly shift in the short term. Related Reading: Galaxy Digital CEO Mike Novogratz Says This Will Kickstart The Bitcoin Bull Market As of this writing, Bitcoin trades at $27,100 with sideways movement in the last 24 hours. In the previous week, BTC recorded a 3% increase, while other assets in the top 10 by market capitalization show similar performance, with XRP and MATIC leading the small uptick. The New And Old Status Quo, Bitcoin\u2019s Path Towards New Highs Per a recent report from the trading desk of QCP Capital, the macroeconomic landscape has become clear as political actors in the U.S. reached a compromise on the Debt ceiling. The narrative around this event was triggering uncertainty in the financial sector. Increased uncertainty contributed to the decline in volatility and the sideways movement across risk-on assets, including Bitcoin. In that sense, QCP Capital claims that BTC is following a trajectory similar to 2020 when uncertainty in the macro scene and the crypto market emerged from a long winter. At that time, the cryptocurrency declined to a critical level and displayed sideways movement throughout the year. As seen in the chart below, Bitcoin has not only behaved as it did in 2020 but trended upwards later that year. QCP Capital expects BTC to perform following this fractal, with a break in the sideways price action coming soon. The trading desk noted: This consolidation has played out perfectly so far, but we expect that we are soon coming close to the end sometime this month. As a result, we recommend positioning for an upcoming big move through long 3m and 6m strangles here, with a bias to the long call side. BTC To Vibe With The Season The decline in volatility has led to a decrease in the price of BTC options. Therefore, QCP Capital believes building a BTC position with a long bias using these financial products could be fruitful. As seen in the chart below, volatility for the 3 months at the money (ATM) options are moving with historical data. Before the summer and until late June, volatility trends lower before recording an explosive move. Related Reading: Litecoin Breaks $95 As Whale Transactions Spike This year, the move is to the upside, according to QCP: Seasonality on the implied vol market over the past 4 years also argue for a sharp June rally before the summer lull (Chart 4). This is in line with macro market seasonalities as traders rush to adjust positions in June before their summer breaks. Cover image from Unsplash, Chart from Tradingview<\/p>\n","protected":false},"author":535,"featured_media":535547,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,78790],"class_list":["post-536251","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusdt"],"acf":[],"yoast_head":"\n<title>No More Crab: Bitcoin Poised For Explosive Move Above $30,000<\/title>\n<meta name=\"description\" content=\"Bitcoin (BTC) is recording minor profits on higher timeframes but has been unable to display significant price action.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. 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