QCP Capital Questions Bitcoins $80,000 Support Amid Economic Concerns

Support at the $80,000 level for Bitcoin is fragile due to macroeconomic weaknesses and is unlikely to represent the bottom of this correction, according to a report from QCP Capital.

The experts’ skepticism stems from the increased geopolitical pressure the U.S. is exerting on its trading partners.

The greatest risk is the potential introduction of retaliatory tariffs by President Donald Trump on April 2, which could adversely affect risk assets.

Analysts do not anticipate any changes at the upcoming Federal Reserve meeting on March 19, but they will be watching for any «dovish shifts.» The monetary authority is likely to take a pause to assess the impact of trade wars on inflation, they explained.

Given the current circumstances, QCP Capital favors gold and recommends focusing on yield strategies with capital protection to avoid a prolonged downturn.

The correction that has persisted on Wall Street for a month following a record high has diminished enthusiasm and raised the question: «How long will this pain last?»

Previously, CryptoQuant CEO Ki Young Ju suggested the possibility of Bitcoin undergoing lengthy consolidation within a broad range (for instance, $75,000-$100,000), similar to trends observed in 2024 before prices resumed an upward trajectory.

It’s worth noting that Matrixport has projected the conclusion of the first cryptocurrency’s correction in March or April. Meanwhile, Glassnode indicated that the asset’s redistribution phase could take longer than expected.