While US CPI and PPI data are awaited for Bitcoin and altcoins, QCP Capital analysts announced their short-term expectations.
Noting an increase in perpetual futures funding rates on Deribit and Binnace, analysts said that this increase indicates that the cryptocurrency market may be vulnerable to an unexpected downward movement.
“The perpetual term funding rate on Deribit and Binance has increased in the past two weeks, which is a sign that bearish bets are decreasing or long-term investments are increasing.
This increase, coupled with the rise in memecoins, increases the risk of a correction and makes us cautious about further downside moves, as it occurs when markets are bullish and least expected.”
Analysts stated that although they see a correction risk in the short term, they expect an increase in the medium and long term, and said, “We aim to continue accumulation despite short-term declines, because we believe that risk-off sales and correction will be short-lived.”
While QCP Capital analysts see a short-term correction risk in Bitcoin, BRN analyst Valentin Fournier stated that inflation data is important and said, “If inflation shows signs of decreasing as expected, Bitcoin could see an upward movement once again.”
*This is not investment advice.
