Bitcoin (BTC) is facing the risk of “exhaustion” as it approaches the end of the first quarter of 2024, with a 65% increase in price, according to trading firm QCP Capital. In an update sent to its Telegram channel subscribers on March 29, the firm warned that the exponential growth in BTC price could pose a problem in the next quarter. Despite the positive outlook for the second quarter, QCP Capital expressed caution about the possibility of a slowdown in momentum due to the rapid rally in the first quarter. It also highlighted declining sentiment towards Ethereum (ETH) and high funding rates across exchanges. However, QCP Capital remains optimistic and stated that it is prepared to take advantage of any significant price dips. The latest data from Cointelegraph Markets Pro, TradingView, and CoinGlass confirms that BTC/USD has seen a 65.4% increase year-to-date. This performance is comparable to the first quarter of 2023, with only a 6% difference between the two quarters. If BTC/USD closes above $61,000, it will mark the seventh consecutive month of price growth, a feat that has only occurred once before in 2012. It is important to note that this article does not provide investment advice and readers should conduct their own research before making any decisions.
Q1 BTC price gains nearly 70% as Bitcoin exhibits indications of fatigue