Bitcoin Price Could Reach a New Record by the End of March: QCP Report!

  • The latest survey from QCP Capital indicates a resurgence of global liquidity flowing back into Bitcoin ETFs. Consequently, it anticipates that BTC could reach at least $70,000 by the end of March.
  • Bitcoin (BTC) has once again surpassed $52,000, driven by notable inflows from spot exchange-traded funds (ETFs) after a span of over two years.
  • QCP Capital notes that a sustainable flow is expected with the redirection of global liquidity into these spot ETFs.

While the Bitcoin price continues to trade around the $52,000 level, according to the QCP Capital report, a new record could be set in March!

Is Bitcoin Ready for a New ATH?

bitcoin-btc

Newly launched spot Bitcoin ETFs attracted billions of dollars with fresh daily inflows reaching new highs. Earlier this week, BlackRock’s iShares Bitcoin ETF (IBIT) alone witnessed withdrawals of approximately $500 million. QCP Capital’s recent survey indicates a return of global liquidity to Bitcoin ETFs, hence the expectation for Bitcoin to reach at least $70,000 by the end of March.

Bitcoin (BTC) once again rose above $52,000 with significant inflows from spot exchange-traded funds (ETFs) after more than two years. These inflows are coming from BTC spot ETFs, averaging between $500 million and $650 million daily. This flow translates to the acquisition of 10,000 to 13,000 BTC on a daily basis.

QCP Capital suggests that sustainable momentum is expected with the redirection of global liquidity into these spot ETFs. Institutions such as Fidelity, signaling the mainstream acceptance of the crypto asset class, have made a significant change by allocating 1-3% of All-in-One conservative ETFs to cryptocurrencies. On the other hand, we are already witnessing Bitcoin ETFs starting to gain market share, challenging gold’s position as the world’s largest asset class.

Beyond spot market activity, there is an increase in BTC call option purchases. Approximately $10 million in premiums has been spent this week for strike prices ranging from 60,000 to 80,000 between April and December.

With these significant capital inflows, QCP Capital analysts predict that Bitcoin could comfortably surpass its all-time high by the end of March. This clearly reflects growing investor confidence and bullish sentiment in the crypto market.

US Stock Market Supports BTC Price Rise

After facing selling pressure following unsatisfactory CPI data for January, Wall Street indices partially recovered losses on Wednesday, February 14. The unexpected inflation increase complicated future decisions on interest rate cuts by the Federal Reserve, leaving investors to carefully analyze future moves.

On Wednesday, the S&P 500 rose by 1%, reclaiming the 5,000 milestone. On the same day, major technology giants, including Nvidia Corp, Microsoft Corp, and Apple Inc, boosted the NYSE Fang+ index by 2%, doubling overall gains in US shares.

In conclusion, the crypto market continued its upward trend. Bitcoin expanded its gains by 6% in the last 24 hours and is currently trading at $52,431. Additionally, some of the top ten altcoins gained between 5% and 10% on Wednesday.

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Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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