Bitcoin to Return to $74K Highs, Bullish Momentum to Sustain: QCP Capital

Leading trading firm QCP Capital has expressed optimism about Bitcoin’s price momentum, forecasting a potential return to the highs of $74,000. In a recent note, the firm said it has observed substantial buyers acquiring 100,000 to 120,000 BTC Calls for December 2024, indicating confidence in the upward movement of the cryptocurrency. “US CPI numbers triggered a break out of the range across risk assets. BTC has since traded back above 66k,” the firm wrote. The surge in spot prices has coincided with increased institutional demand, with prominent asset managers Millennium and Schonfeld allocating approximately 3% and 2% of their assets under management (AUM) into BTC spot ETFs. QCP Capital highlights several factors aligning favorably for Bitcoin’s breakout, including growing sovereign and institutional adoption, easing inflation concerns, and the upcoming US elections. These factors, combined with the recent price movement, have prompted speculation about the resumption of the bull market.