bitcoin price has been on the rise for the past seven days, returning to the $61,000-$67,000 zone where it spent most of the second quarter. This positive streak comes despite FUD (fear, uncertainty, and doubt) due to speculation about Mt. Gox customer refunds.
Interestingly, recent trading data has led QCP Capital, a leading trading data firm, to suggest that bitcoin could be gearing up for an even bigger price rally. According to the firm’s analysts, the leading cryptocurrency looks set for significant price growth ahead of the US elections.
Will btc Price Hit $100,000 by the End of the Year?
Unsurprisingly, bitcoin’s price surge from under $60,000 to $67,000 over the past week has been one of the hottest topics of discussion among investors. Analysts at QCP Capital are among the latest experts to weigh in on the market leader’s recent price action.
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According to QCP analysts, btc’s resilient upward price move reflects how the market may have “shed” most of its concerns. As a result, the flagship cryptocurrency may be preparing to continue its bullish streak, having spent most of the past quarter in consolidation.
QCP Analysts he pointed The report notes that the perpetual funding rate has returned to a neutral position, indicating balanced sentiment among traders. For context, the funding rate refers to a periodic payment exchanged between buyers and sellers in perpetual futures contracts.
Additionally, QCP Capital noted that the bitcoin spot market could persist within the $61,000 – $67,000 range in the near term, especially with traders holding substantial long positions at the $67,000 strike on July 26. Ultimately, investors seem to be betting big on a price rally ahead of the US elections.
Additionally, there has been consistent and significant institutional interest in December’s $100,000 call options. This suggests growing confidence in the potential for an end-of-year rally for bitcoin, especially with the increasing odds of a Donald Trump victory in the upcoming election.
It is worth mentioning that the price of bitcoin skyrocketed following the assassination attempt on the former US President. This price movement was linked to the increased chances of a victory for Donald Trump, who has been an outspoken supporter of the leading cryptocurrency in recent months.
bitcoin price at a glance
At the time of writing, the bitcoin price is still hovering around $66,660, reflecting an increase of over 5% over the past day. According to data from CoinGecko, btc is up over 16% over the past week.
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Featured image from iStock, chart from TradingView
