QCP expects current momentum to push the bitcoin price back to all-time highs
QCP Capital expects the bitcoin price to return to $74,000 after the latest CPI print saw risk assets surge.
"We expect bullish momentum here that could take us back to the highs of 74k," the institutional-focused firm wrote in the Telegram channel QCP Broadcast, citing buy-side demand.
"The desk saw sizeable buyers of 100-120k BTC +6.45% Calls for Dec 2024 on this move higher in spot," it explained while stating that "institutional demand for the BTC continues to grow with large asset managers Millennium and Schonfeld investing approximately 3% and 2% of their AUM into the BTC spot ETF."
As The Block reported yesterday, hedge fund Millennium Management had invested nearly $2 billion into bitcoin ETFs as of the first financial quarter.
Meanwhile, spot bitcoin ETFs in the U.S. recorded a total daily net inflow of $302.97 million yesterday — the largest since May 3 — preceding reports that the Chicago Mercantile Exchange Group is planning to launch bitcoin spot trading.
"The stars seem to be aligning on this breakout, with significant sovereign and institutional adoption, abating inflation, and upcoming US elections," QCP Capital summarized.
Bitcoin is currently trading above $66,175 and is up 6.53%, per The Block's Bitcoin Price Page .
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Litecoin (LTC) Gains Strength Amid ETF Momentum: Will This Cup-and-Handle Pattern Spark a Rally?
Grayscale files for Litecoin and Solana ETFs
Share link:In this post: Grayscale has filed with the SEC to launch ETFs for Litecoin and Solana. The firm joins Canary Capital in the race for a Litecoin ETF. There is still uncertainty about approval as the SEC reviews a flood of crypto ETF proposals following Gary Gensler’s resignation.
MicroStrategy Faces Potential Tax Burden on Unrealized Bitcoin Gains: Report
MicroStrategy may owe billions under U.S. tax rules targeting unrealized gains. With $47B in Bitcoin holdings, the firm’s case could shape corporate cryptocurrency strategies amid regulatory scrutiny.
Ethereum (ETH) Sees Major Accumulation By Trump’s World Liberty: Is A Breakout Looming?