Over the past week, Bitcoin’s price has surged, moving between $61,000 and $67,000, similar to its performance in the second quarter. This rally is happening despite lingering fears and uncertainties surrounding potential repayments to Mt. Gox customers.
Recent trading data suggests Bitcoin might be gearing up for an even bigger rally. QCP Capital, a notable trading firm, believes Bitcoin is poised for significant price growth as we approach the United States elections.
Could Bitcoin Hit $100,000 By Year-End?
The recent jump in Bitcoin’s price from below $60,000 to as high as $67,000 has sparked considerable excitement among investors. Analysts at QCP Capital have weighed in, noting that Bitcoin’s price resilience indicates the market may have moved past earlier concerns. As a result, Bitcoin could be on the brink of an extended bull run after spending much of the last quarter consolidating.
QCP analysts highlight that the perpetual funding rate has returned to a neutral position, indicating balanced sentiment among traders. For those unfamiliar, the funding rate is a periodic payment between long and short positions in perpetual futures contracts. A neutral rate suggests a balanced outlook in the market.
Additionally, QCP Capital points out that Bitcoin’s spot price might stay within the $61,000 to $67,000 range in the short term, especially with many traders holding long positions at the $67,000 strike price for July 26. This suggests strong investor confidence in a price increase leading up to the US elections.
Moreover, there has been significant institutional interest in December $100,000 call options. This indicates growing optimism for a year-end rally for Bitcoin. Part of this confidence is fueled by the potential of a Donald Trump victory in the elections, given his recent supportive stance on Bitcoin.
Current Bitcoin Price Overview
As of now, Bitcoin’s price stands around $66,660, reflecting a more than 5% increase in the last 24 hours. According to CoinGecko, BTC has surged by over 16% in the past week.
