Singapore-based QCP Capital has suggested that bitcoin may surpass its previous all-time high of $73,794 this month by reaching the $74,000 mark. QCP Capital based this prediction on bitcoin call options with June expiries.
Multiple market analysts and researchers have expressed positive expectations for bitcoin’s prices in June. QCP Capital recently observed a strong bullish trend in their trading desk, with significant call buying for June expiries. This trend in the options market indicates a potential move beyond the $74,000 level. While ethereum has been lagging behind, QCP Capital believes it will soon catch up and may even outperform bitcoin when ethereum spot exchange-traded funds start trading.
According to Cory Mitchell, an analyst at Trading.biz, if bitcoin’s price can break out of its current pattern, it could reach $110,000. Mitchell explained that after reaching an all-time high of $73,794 in March, bitcoin experienced a 23% decline until the swing low on May 1. However, the price has been steadily increasing since then, forming a rounded bottom over the past 1.5 months. Rounded bottoms can result in explosive patterns, especially in an overall uptrend or after a prolonged downtrend.
Mitchell added that the final phase of this pattern is to push higher after a slight pullback in late May. If the price can gain traction above $70,000, it is likely to break out to new highs. Based on the average size of previous rallies in bitcoin after pullbacks in bull markets, the target could be around $110,000.
Neil Roarty, an analyst at investment platform Stocklytics, also mentioned bitcoin nearing a new all-time high. Roarty noted that bitcoin is close to reaching the $73,000 price it traded for in March. He attributed this bullish sentiment to the introduction of Bitcoin ETFs in the US in January, which attracted a new wave of institutional investors to the cryptocurrency. On Tuesday, these ETFs accounted for $880 million in Bitcoin in-flows, indicating increasing demand. Roarty emphasized that the outlook of institutional investors will depend on interest rates, and if cuts are implemented sooner, bitcoin’s strong returns may appear even more appealing compared to traditional and potentially safer investments.
In conclusion, QCP Capital and various analysts have provided positive forecasts for bitcoin’s price. The introduction of Bitcoin ETFs and increasing institutional interest are seen as key drivers for bitcoin’s potential new all-time high. However, as always with bitcoin, the market remains unpredictable.
