QCP expects current momentum to push the bitcoin price back to all-time highs
Quick Take
- QCP Capital expects the bitcoin price to return to $74,000 after the latest CPI print saw risk assets surge.
QCP Capital today stated that it expects the price of bitcoin to ride back to the highs of $74,000 after the latest Consumer Price Index print in the United States saw risk assets surge yesterday.
"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 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.
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