QCP Capital: Bitcoin may test the $50,000 support level, and the Ethereum spot ETF remains a bullish catalyst.

Odaily Odaily News QCP Capital said in its latest market analysis that the $58,000 to $60,000 range is a strong support level for Bitcoin in Q2 this year, but the market must deal with the large supply brought by the unlocking of Mt.Gox and the selling pressure from government agencies. The analysis pointed out that the potential impact of the above selling pressure may be exaggerated, and the market will consolidate within a certain range. Bitcoin may test the lower level of $50,000, but given the general deregulation around the world and the continued penetration of TradFi's interest, the market will find strong support. In addition, the Ethereum spot ETF remains a bullish catalyst and is likely to start trading in early July. Spot ETFs for other mainstream currencies such as SOL will also trigger some bullish sentiment.