- QCP Capital has predicted increased bullish momentum for Bitcoin from its current price.
- According to QCP, the current rally could take Bitcoin back to the highs of around $74,000.
- Critical indicators align with significant Bitcoin rally
Singapore-based digital asset trading firm QCP anticipates continued upward momentum for Bitcoin, suggesting the cryptocurrency could revisit its previous highs near $74,000.
In a message on its Telegram channel, QCP pointed to growing optimism among some market participants, with some Bitcoin buyers calling for prices to reach $100,000 to $120,000 by December 2024.
QCP: We expect bullish momentum here that could take us back to the highs of 74k. The desk saw sizeable buyers of 100-120k BTC Calls for Dec 2024 on this move higher in spot. Institutional demand for the BTC continues to grow with large asset managers Millenium and Schonfeld…— Wu Blockchain (@WuBlockchain) May 16, 2024
QCP also cited evidence of increasing institutional interest in Bitcoin, noting investments by prominent asset managers like Millennium and Schonfeld. These firms reportedly allocate approximately 3% of their Assets Under Management (AUM) …
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