Bitcoin Price Rally: Singapore Firm QCP Predicts Further Gains
- QCP Capital has predicted increased bullish momentum for Bitcoin from its current price.
- According to QCP, the current rally could take Bitcoin back to the highs of around $74,000.
- Critical indicators align with significant Bitcoin rally
Singapore-based digital asset trading firm QCP anticipates continued upward momentum for Bitcoin, suggesting the cryptocurrency could revisit its previous highs near $74,000.
In a message on its Telegram channel, QCP pointed to growing optimism among some market participants, with some Bitcoin buyers calling for prices to reach $100,000 to $120,000 by December 2024.
QCP: We expect bullish momentum here that could take us back to the highs of 74k. The desk saw sizeable buyers of 100-120k BTC Calls for Dec 2024 on this move higher in spot. Institutional demand for the BTC continues to grow with large asset managers Millenium and Schonfeld…
— Wu Blockchain (@WuBlockchain) May 16, 2024
QCP also cited evidence of increasing institutional interest in Bitcoin, noting investments by prominent asset managers like Millennium and Schonfeld. These firms reportedly allocate approximately 3% of their Assets Under Management (AUM) to Bitcoin spot ETFs.
In its Telegram post , The firm attributed the recent breakout in Bitcoin’s price, which surpassed $66,000, to the release of US inflation data. QCP identified a confluence of factors potentially contributing to a renewed bull market, including rising sovereign and institutional adoption, easing inflation, and upcoming US elections
On Wednesday, Bitcoin surged nearly 8% following the release of US inflation data, according to data from TradingView . The cryptocurrency built upon its momentum from a weekend bounce off key technical support levels. Yesterday’s rally saw Bitcoin decisively break through two significant Fibonacci resistance levels on the daily chart.
This surge reversed the recent bearish trend and instilled fresh optimism among investors. As of this writing, Bitcoin is trading around $65,949 after a slight pullback from its opening price for the current trading session.
While some anticipate a continued uptrend with the potential to surpass previous highs, the future trajectory of Bitcoin remains uncertain. QCP suggests this could be the beginning of another bull run, potentially exceeding prior all-time highs. However, market conditions can change rapidly, and investors should exercise caution.
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