Key Points
- QCP Capital predicts that Bitcoin’s price could soar back to the peak of $74,000.
- Increased institutional demand and significant net inflow into Bitcoin ETFs support this prediction.
QCP Capital has predicted a potential surge in the value of Bitcoin to its previous peak of $74,000. This forecast follows a recent increase in risk assets due to the latest Consumer Price Index print in the United States.
The firm expressed its bullish outlook on Bitcoin in a QCP Broadcast on Telegram, citing substantial buy-side demand. It noted that it had observed significant buyers of 100-120k Bitcoin calls for December 2024, indicating a positive market movement.
Institutional Demand and ETF Inflows
QCP Capital further highlighted the growing institutional demand for Bitcoin. It pointed out that large asset managers, such as Millennium and Schonfeld, have invested around 3% and 2% of their Assets Under Management (AUM) into Bitcoin spot ETFs, respectively.
In addition, the firm reported that Bitcoin ETFs in the U.S. witnessed a massive daily net inflow of $302.97 million. This is the largest inflow since May 3, preceding news that the Chicago Mercantile Exchange Group plans to introduce Bitcoin spot trading.
Bitcoin’s Current Market Position
QCP Capital summarized the situation by stating, “The stars seem to be aligning on this breakout, with significant sovereign and institutional adoption, abating inflation, and upcoming US elections.” Currently, Bitcoin is trading above $66,175 with a 6.53% increase.
