Bitcoin Returns to $74 Thousand, Maintains Upward Momentum: QCP Capital

Major trading firm QCP Capital has expressed optimism about Bitcoin’s price, predicting a possible return above $74,000.

Bitcoin returned to 74 thousand dollars

In a recent note, the company said it saw many buyers purchasing 100,000 to 120,000 BTC December 2024 Call, indicating they are confident in the flow of funds.

“US CPI figures led to inequality in the level of risky assets. Since then, BTC has traded over 66 thousand times. ”

The price increase coincided with a surge in institutional demand, with asset managers Millennium and Schonfeld allocating approximately 3% to 2% of their assets under management (AUM) to BTC ETFs.

QCP Capital points to several factors that align well with Bitcoin’s rise, including greater autonomy and institutions, easing monetary concerns, and the upcoming US election.

These factors, combined with recent price movements, have caused the beef market to rise.

QCP Capital offers two business ideas

Based on this belief, QCP Capital offers two business ideas to investors who want to take advantage of potential investment opportunities.

The first of these is the June March strategy, which involves trading 60,000 puts and simultaneously trading 70,000 calls and 88,000 puts.

This transaction can be done at zero cost, and if the price of BTC approaches 88,000, a maximum profit of $18,000 per BTC can be made, which is 249% per year.

QCP Capital’s second trading offering is the August March strategy, which involves 58,000 puts and 70,000 puts and 100,000 calls.

Like June Seagull, this trade can be done for free. If the price of BTC eventually reaches just under 100,000, investors could enjoy a profit of $30,000 per BTC, which represents a 176% annual gain.

Galaxy Digital’s founders expect Bitcoin to be traded on a small scale

Despite the negative outlook for QCP, Michael Novogratz, founder of leading venture capital firm Galaxy Digital Holdings, expects Bitcoin to remain moderate this quarter.

Reportedly expects Bitcoin to remain between $55,000 and $75,000 until market conditions or special circumstances push prices higher.

Novogratz said the queue existed in the fourth quarter of last year and the first quarter of this year.

“I think that’s where we are this quarter, maybe next quarter, until A, the Fed starts cutting interest rates because the economy is finally slowing down, or B, we’re going through an election, and I think the Election is going to bring us one way. or for crypto regulatory frameworks. ”

On the other hand, technical analyst Rekt Capital confirms that Bitcoin left the “danger zone” after the second half and entered the accumulation phase, as shown by the decrease in selling pressure.