Bitcoin has shown a strong performance in the first quarter of 2024 with a 65% increase in price, but there are concerns about potential exhaustion in the market.

QCP Capital, a trading firm, warned subscribers on March 29 about the rapid rise in Bitcoin's price, which could pose challenges in the upcoming quarter.

This weekend, market observers are closely watching critical candlestick patterns – the weekly, monthly, and quarterly – which are all closing simultaneously.

Despite the positive start to the year, Bitcoin is finding it difficult to maintain momentum around its all-time highs and establish them as new support levels.

QCP Capital remains optimistic about Q2, listing factors such as the demand for BTC spot ETFs, the upcoming BTC halving event, new London Stock Exchange ETNs, and the possible approval of an ETH spot ETF as potential drivers for further growth.

Following the launch of spot Bitcoin ETFs in the US in January, the firm notes that sustaining the rapid pace of the Q1 rally might be challenging due to signs of market fatigue.

QCP Capital also expressed concerns about decreasing interest in Ether, the top altcoin, and the persistently high funding rates on trading platforms.

While overall positive, the firm advises caution regarding leverage and readiness to take advantage of significant price drops.

Recent data indicates that the BTC/USD pair has experienced a 65.4% increase since the beginning of the year, closely matching the performance in Q1 of 2023.

A close above $61,000 would signify the seventh consecutive month of gains for BTC/USD, a feat previously seen only in 2012.

Navigating the cryptocurrency market complexities in Q2 2024 requires a delicate balance of optimism and caution as Bitcoin continues to evolve.

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