As a seasoned crypto investor with several years of experience under my belt, I have seen my fair share of market volatility and price swings. However, the recent price action of Bitcoin has left me feeling bullish and optimistic about its potential growth.
Over the last week, Bitcoin‘s price has surged, fluctuating between the $61,000 and $67,000 range – a zone it frequently inhabited during the second quarter. This impressive run contrasts the apprehension caused by rumors surrounding Mt. Gox’s customer refund plan.
It’s intriguing to note that based on current trading information, QCP Capital’s analysts predict that Bitcoin could be gearing up for a more substantial price surge prior to the upcoming US elections.
BTC Price To Reach $100,000 By Year End?
It’s no shock that Bitcoin’s price surge from around $59,000 to reach nearly $67,000 within a week has become a major point of interest among investors. Experts at QCP Capital are the latest addition to the chorus of analysts sharing their insights on this market trend.
Based on QCP analysts’ assessment, Bitcoin’s price surge could indicate that the market has largely addressed its worries. Consequently, there is a strong possibility that Bitcoin will carry on with its rally following the past quarter’s extended period of consolidation.
In their report, the QCP team noted that the funding rate for perpetual futures contracts has returned to a zero point, indicating an evenly split opinion among traders regarding the market direction. The funding rate signifies the net payment made between buyers and sellers on a regular basis in these contracts.
Additionally, QCP Capital identified that the Bitcoin spot market might remain between $61,000 and $67,000 in the near future. This is particularly true with traders maintaining sizeable long positions at the July 26 $67,000 call option. In the end, investors are heavily wagering on a price surge prior to the US elections.
There’s growing enthusiasm among institutions for purchasing December $100,000 call options on Bitcoin. This trend indicates a heightened belief that Bitcoin could experience a strong year-end price surge, potentially fueled by the increasing likelihood of a Donald Trump presidency re-election.
Notable is the surge in Bitcoin’s price after the assassination attempt on the ex-US president. This price rise can be attributed to heightened prospects of a victory for Donald Trump in the ongoing events, who has openly endorsed Bitcoin in the past few months.
Bitcoin Price At A Glance
At present, Bitcoin’s price remains stable at approximately $66,660, marking a 5.1% rise over the previous day. Based on information from CoinGecko, Bitcoin has experienced a weekly growth of over 16%.
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2024-07-20 23:46