Bitcoin Option Traders Are Betting On A Price Breakout Ahead Of US Elections: QCP Capital
21 July 2024 - 6:30AM
NEWSBTC
The price of Bitcoin has been on a tear over the past seven days,
returning between the $61,000 and $67,000 zone where it spent most
of the second quarter. This positive run of form comes despite the
FUD (fear, uncertainty, and doubt) due to speculations about Mt.
Gox’s customer repayment. Interestingly, recent trading data have
led QCP Capital, a prominent trading data, to suggest that Bitcoin
might only be warming up for an even bigger price rally. According
to the company’s analysts, the premier cryptocurrency looks primed
for significant price growth ahead of the United States elections.
BTC Price To Reach $100,000 By Year End? Unsurprisingly, the climb
of the Bitcoin price from beneath $60,000 to as high as $67,000 in
the past week has been one of the hottest topics of discussion
amongst investors. Analysts at QCP Capital are amongst the latest
set of experts to weigh in on the recent price action of the market
leader. Related Reading: Buying ‘Ethereum Beta’ Altcoins Is A
Recipe For Disaster, Researcher Finds According to the QCP
analysts, the resilient upward movement of the BTC price reflects
how the market may have “shaken off” most of its concerns. As a
result, the flagship cryptocurrency may be preparing to continue
its bull run, having spent the better parts of the last quarter in
consolidation. The QCP analysts pointed out in the report that the
perpetual funding rate is back to a neutral position, signaling a
balanced sentiment amongst traders. For context, the funding rate
refers to a periodic payment exchanged between buyers and sellers
in perpetual futures contracts. What’s more, QCP capital noted that
the Bitcoin spot market could persist within the $61,000 – $67,000
range in the short term, especially with traders holding
substantial long positions at the July 26 $67,000 strike.
Ultimately, investors appear to be betting big on a price upswing
ahead of the United States elections. Additionally, there has been
steady and significant institutional interest in December $100,000
calls. This suggests an increasing confidence in the potential of a
year-end rally for Bitcoin, especially with the rising odds of a
Donald Trump victory in the upcoming elections. It is worth
mentioning that the price of Bitcoin spiked following the
assassination attempt on the former United States president. This
price movement was linked to the increased odds of a win for Donald
Trump, who has been a vocal supporter of the premier cryptocurrency
in recent months. Bitcoin Price At A Glance As of this writing, the
price of Bitcoin continues to hover around $66,660, reflecting an
over 5% increase in the past day. According to CoinGecko data, BTC
is up by more than 16% in the past week. Related Reading: Injective
(INJ) Breaches Key Resistance, Setting Stage For 1,350% Boom —
Analyst Featured image from iStock, chart from TradingView
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Aug 2024 to Oct 2024
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Oct 2023 to Oct 2024