QCP expects the current momentum to return Bitcoin price to all-time highs.
QCP Capital said yesterday that it expects the price of Bitcoin to rise back to its all-time high of $74,000 after risk assets surged in the latest US consumer price index.
“We expect bullish momentum to take us back to highs of 74,000,” the institutional-focused company wrote on its Telegram channel QCP broadcast, referring to buy-side demand.
“We had a significant number of buyers on the desk, between 100,000 and 120,000. 
BTC
+6.59%
As The Block reported yesterday, hedge fund Millennium Management has invested nearly $2 billion in Bitcoin ETFs as of its first fiscal quarter.
Meanwhile sUS Bitcoin ETFs recorded total daily net inflows of $302.97 million yesterday, the largest since May 3. This was before reports emerged that the Chicago Mercantile Exchange Group was planning to launch Bitcoin spot trading.
QCP Capital summarized: “The stars appear to be aligning for this breakthrough, with sovereign and institutional adoption, easing inflation, and the upcoming US election.”
Bitcoin is currently trading above $66,175 and is up 6.53%, according to The Block’s Bitcoin price page.
Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.
© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.
