QCP Capital’s Positive Forecast
Leading trading firm QCP Capital has expressed positivity regarding Bitcoin’s price momentum, projecting a potential return to the highs of $74,000. In a recent statement, the firm noted the significant interest from buyers acquiring BTC Calls for December 2024, indicating a strong belief in the cryptocurrency’s upward trajectory. According to the firm, the recent surge in Bitcoin’s value was driven by positive economic indicators, with the U.S. CPI numbers triggering a breakout in risk assets, pushing BTC back above $66,000.
The increase in institutional demand is evident, with asset managers Millennium and Schonfeld allocating a notable portion of their assets under management (AUM) to BTC spot ETFs. QCP Capital highlights various factors that support Bitcoin’s upward movement, including increased sovereign and institutional adoption, easing inflation worries, and the upcoming U.S. elections. These elements, coupled with recent price surges, have ignited discussions about a potential return of the bull market.
QCP Capital’s Trade Ideas
QCP Capital offers two trade strategies for investors looking to benefit from a bullish trend. The first approach involves the June Seagull strategy, which includes selling a 60,000 Put option while buying a 70,000 Call option with an 88,000 knock-out level. This trade, executed at zero cost, has the potential to yield a maximum payout of $18,000 per BTC if the spot price reaches $88,000 at expiry, equivalent to a 249% annualized return.
The second trade idea, known as the August Seagull strategy, comprises selling a 58,000 Put option and buying a 70,000 Call option with a 100,000 knock-out level. Similar to the first strategy, this trade can also be executed without cost. Investors could benefit from a maximum payout of $30,000 per BTC if the spot price nears $100,000 at expiry, translating to a potential annualized return of 176%.
Despite QCP Capital’s optimism, Michael Novogratz, founder of Galaxy Digital Holdings, has a more cautious outlook. He anticipates Bitcoin to trade within a narrow range of $55,000 to $75,000 in the current quarter unless specific market events drive price increases. Novogratz pointed out the tailwinds experienced in the past quarters and anticipates stability until significant economic shifts or regulatory clarity emerge.
On a different note, technical analyst Rekt Capital believes that Bitcoin has transitioned from the post-halving “danger zone” into an accumulation phase, supported by diminishing selling pressure. “The Post-Halving Bitcoin ‘Danger Zone’ (purple) is officially over,” stated the analyst, signaling a potentially favorable period for Bitcoin.
