QCP Capital: Recommends buying BTC spot when the BTC spot price is below $74,000, at a 13% discount ($58,000)

QCP Capital, a Singapore-based crypto investment agency, said in a post that the cryptocurrency market is facing some pressure for the following reasons:

1. NFP data surprised the market: U.S. Treasury yields have risen to recent highs as market expectations for rate cuts in July and September have weakened;

2. Macron called for a quick election in France: EURUSD exchange rate fell due to heightened geopolitical risks in the EU, which has driven a stronger dollar and general risk aversion;

3. The market is in risk aversion mode ahead of tomorrow's CPI and FOMC meetings. This month's FOMC meeting will also release a dot plot to inform the market how many rate cuts the Fed expects for the rest of 2024;

4. 64 million of funds flowed out of the BTC ETF yesterday, probably because traders reduced risk ahead of tomorrow's event.

QCP Capital believes that despite the resistance in the short term, this could be a good opportunity to accumulate cryptocurrencies. Possible positive events in the future, such as the final launch of the ETH spot ETF and the verbal arms race between Biden and Trump to win the cryptocurrency vote, are worth looking forward to.

It recommends buying BTC spot at a 13% discount ($58,000) when the BTC spot price is below $74,000.