Bitcoin has been on a steady rise over the past seven days, returning to the $61,000 and $67,000 areas where it spent most of the second quarter. This positive performance comes despite fear, uncertainty and doubt due to speculation about Mt. Gox repaying its customers.
Interestingly, recent trading data has prompted QCP Capital, a leading trading data firm, to suggest that Bitcoin could be on its way to a bigger price surge. According to the firm’s analysts, the leading cryptocurrency appears poised for a major price surge ahead of the US elections.
Will Bitcoin Hit $100K By The End Of The Year?
It’s no surprise that Bitcoin’s surge from under $60,000 to $67,000 over the past week has been one of the hottest topics of discussion among investors. Analysts at QCP Capital are among the latest group of experts to weigh in on the market leader’s recent price action.
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According to QCP analysts, the resilient upward movement in BTC price reflects how the market may have “sat down” most of its concerns. As a result, the leading cryptocurrency may be poised to continue its upward trajectory, after spending the better part of the last quarter in a consolidation process.
QCP Analysts pointed out In the report, the perpetual funding rate returned to neutral, indicating balanced sentiment among traders. In this context, the funding rate refers to a periodic payment exchanged between buyers and sellers of perpetual futures contracts.
Furthermore, QCP Capital noted that the Bitcoin spot market could continue to trade within the $61,000-$67,000 range in the near term, especially with traders holding large long positions at the $67,000 level hit on July 26. Ultimately, investors appear to be betting heavily on a price rally ahead of the US elections.
Additionally, there was a steady and significant institutional interest in $100,000 call options in December. This indicates growing confidence in the potential for Bitcoin to rise towards the end of the year, especially as the likelihood of Donald Trump winning the upcoming election increases.
It is worth noting that the price of Bitcoin rose sharply in the wake of the assassination attempt on the former US President. This price movement was linked to the increased chances of victory for Donald Trump, who has been a strong supporter of the leading cryptocurrency in recent months.
Bitcoin Price at a Glance
At the time of writing, Bitcoin is still hovering around $66,660, reflecting a gain of over 5% in the past day. According to CoinGecko data, Bitcoin has gained over 16% in the past week.
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Featured image by iStock, chart by TradingView
