TL;DR
- There has been a resurgence in the price of Bitcoin (BTC) in recent weeks, indicating a possible recovery for the cryptocurrency.
- QCP Capital believes that Bitcoin could reach $74,000 in the coming weeks due to bullish momentum and institutional demand.
- U.S. inflation data showed a 0.3% increase in April, below expectations, which catalyzed BTC’s recovery and its largest daily gain since March.
In recent weeks, there has been a resurgence in the price of Bitcoin (BTC), signaling a potential recovery. Optimism surrounding the leading cryptocurrency has been fueled by the recent release of U.S. inflation data, which turned out to be softer than expected. The favorable report has triggered bullish sentiment for riskier assets, with BTC leading the way.
Singapore-based QCP Capital has expressed confidence that market conditions could drive Bitcoin prices to $74,000 in the coming weeks. Their prediction is based on a combination of bullish momentum and increasing institutional demand for the cryptocurrency.
U.S. inflation increased by just 0.3% in April, below market expectations and the 0.4% increase recorded in March. The positive result has boosted BTC recovery, which managed to reclaim the $66,000 level for the first time since April, marking its largest daily gain since March.
Bitcoin on the Path to Recovery with Bullish Forecasts
QCP Capital analysts also report an increase in demand for BTC call options with strike prices between $100,000 and $120,000 for December 2024. These purchases indicate strong bullish sentiment, suggesting that investors foresee a continued increase in Bitcoin’s price in the coming months.
Additionally, some analysts have noted a decrease in selling pressure on Bitcoin in the market. According to CryptoQuant data, short-term BTC holders are selling their assets at almost zero profit, depleting their unrealized gains accumulated over the past few months. Furthermore, the stabilization of BTC balances on over-the-counter desks suggests a decrease in the supply available for sale in the market.
As always, it’s important to remember that the cryptocurrency market is volatile and can experience sudden changes at any time. We’ll keep you updated on any news related to BTC.
