QCP Capital Recommends Buying Bitcoin and Ethereum Amid Market Consolidation

Crypto trading firm QCP Capital has recommended buying Bitcoin and Ethereum amidst a consolidating market, stating that now could be the best time to accumulate long positions. With Bitcoin and Ethereum prices hovering near $63,000 and $3,100 levels, a massive rally is anticipated for this year.

Despite choppy prices, Santiment reported that Bitcoin active wallets are on the rise, indicating continued interest in the market. However, the recent fall in Bitcoin and Ethereum prices post-halving has raised questions about the market sentiment and whether this is just a temporary pause in a longer-term bull run.

QCP Capital highlighted the drastic compression in volumes of Bitcoin and Ethereum options, with heavy selling of BTC options causing the vol curve to collapse. The company suggested that the consolidating market presents a prime opportunity for investors looking to buy BTC and ETH.

On the other hand, the downside skew in Ethereum risk reversals has dropped further to -13%, possibly due to reports of the SEC potentially denying or delaying a spot Ether ETF. Despite this, Hong Kong is set to launch spot Bitcoin and Ether ETFs on April 30, which could serve as a positive catalyst for the market.

Experts predict a similar market reaction to the United States, where institutional investors flocked to Bitcoin ETFs. QCP Capital recommends BTC Accumulator and ETH Accumulator strategies for options traders, with a weekly buying call at a discount of the spot prices of BTC and ETH.

While BTC price fell over 2% in the last 24 hours, currently trading under $63,000, ETH price is also down more than 1% at $3,116. The launch of spot Bitcoin and Ether ETFs in Hong Kong is expected to attract Asian institutional capital, further boosting the market.