As a long-term crypto investor with some experience in the market, I find the QCP Capital report both intriguing and concerning. The prediction of a potential Bitcoin price consolidation for another two months, along with the bearish sentiment from various selling pressures, is not an unfamiliar narrative for me. However, the expectations of a significant bull run starting in September 2024 offer some hope.
Based on QCP Capital’s recent analysis, I believe the Bitcoin price consolidation will persist for approximately two months. The potential start of the next bull run is predicted to occur in September 2024. At present, Bitcoin’s price stands at a 0.4% decrease, reaching $64,362, and its market capitalization amounts to a substantial $1.268 trillion as of this writing.
Bitcoin Price Capped for Near Term
Based on the most recent findings from QCP Capital’s analysis, I observe that Bitcoin’s price is currently experiencing a cap in the near future. The market activity indicates significant selling of Bitcoin call options approaching their expiration date within the upcoming month.
Despite the present downturn in the market, QCP Capital anticipates a strong bullish trend by year-end. Notably, there’s been robust purchasing of call options for September through December. This buying pattern suggests a period of market calm during summer, followed by substantial price shifts around the US elections.
As an analyst, I can interpret the report by saying that due to elevated breakeven prices following the Bitcoin halving, miners have been compelled to sell off their holdings. This persistent selling trend is expected to persist and could potentially hinder the Bitcoin price from bouncing back in the near term.
I’ve uncovered some intriguing data as a researcher. The sale of Bitcoin by miners has led to a significant decrease in their holdings, which now stand at their lowest point in the past 14 years. The total Bitcoin reserves held by these miners have dropped by over 5,000 BTC since the beginning of this year.
As a researcher studying the cryptocurrency market, I’ve noticed that recent news has caused some instability. Specifically, reports emerged this week of the German government selling 3,000 Bitcoins, with plans to dispose of an additional 47,000 in the near future. These sales represent a significant increase in supply, which could potentially impact Bitcoin’s price and market sentiment.
In addition, it’s important not to overlook the fact that there has been a significant selling trend originating from Bitcoin ETFs in the marketplace. Over the last week, these spot Bitcoin ETFs have recorded over $500 million in sell orders. This action indicates a lack of faith among institutional investors, who are currently holding back and waiting for Bitcoin’s price direction to change.
Bullish Developments This Week
Additionally, QCP Capital pointed out that various favorable occurrences have emerged in recent days, bolstering a bullish perspective for Bitcoin (BTC). Among these developments are MicroStrategy’s recent acquisition of 11,931 BTC for an impressive $800 million.
As a crypto investor, I’ve been keeping a close eye on the developments in the Japanese banking crisis. And while many see this as a potential threat to the market, BitMEX CEO Arthur Hayes presents an optimistic perspective. He believes that this crisis could actually lead to a Bitcoin bull run. Here’s how he explains it:
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2024-06-22 10:40