Bitcoin faces the risk of "exhaustion" as it approaches the end of Q1 2024 with a 65% increase in BTC price. QCP Capital, a trading firm, issued a warning to subscribers on March 29, indicating that the "exponential" upside could become problematic in the next quarter.

Despite a strong start to the year, BTC price action struggles to surpass all-time highs and establish them as new support levels. Looking ahead to Q2, QCP Capital maintains a "very bullish" outlook, citing factors such as continued demand for BTC spot ETFs, the BTC halving, London Stock Exchange ETNs, and potential approval of ETH spot ETFs.

However, the rapid pace of gains in Q1, including the launch of US spot Bitcoin ETFs in January, may hinder further momentum. QCP flagged diminishing sentiment on the leading altcoin, Ether, and persistently high funding rates across exchanges.

While maintaining a bullish stance, caution regarding leverage and readiness to capitalize on significant dips are advised. BTC/USD has surged by 65.4% year-to-date, closely matching Q1 2023's performance, with the possibility of printing a seventh consecutive green monthly candle if it closes above $61,000, a feat achieved only once before in 2012.