QCP Capital Predicts Bitcoin Bull Run by September 2024 Amid Market Fluctuations

  • Bitcoin (BTC) is poised for potential bullish activity come September 2024, according to a fresh analysis by QCP Capital.
  • The cryptocurrency is currently hovering around $64,362, boasting a market capitalization of approximately $1.26 trillion, despite slight declines.
  • QCP Capital foresees a consolidation phase over the next couple of months, followed by a significant upward movement.

Discover the anticipated Bitcoin bull run and market dynamics, as forecasted by QCP Capital, in our latest in-depth analysis. Stay ahead of key trends and future price movements.

Short-Term Expectations for Bitcoin Price Movement

According to QCP Capital’s analysis, Bitcoin’s price is expected to be range-bound in the near term. Selling activity in Bitcoin call options set to expire soon suggests a bearish sentiment in the immediate outlook. Nonetheless, QCP Capital envisions considerable bullish momentum by the end of the year, driven by robust purchasing of call options from September onwards. This surge is potentially tied to upcoming US election events.

Additionally, Bitcoin miners are feeling the pinch from high breakeven costs, exacerbated by the recent block reward halving. This has led to significant selling pressure, with miners offloading over 5,000 BTC since the start of the year, reducing their holdings to a 14-year low.

The Influence of External Market Factors

Several external factors are also affecting Bitcoin’s market stability. For instance, the German government has recently divested 3,000 BTC and is planning to release an additional 47,000 BTC into the market. Such large-scale sales can depress prices further. Concurrently, Bitcoin ETFs have experienced substantial outflows exceeding $500 million in the past week, reflecting reduced confidence among institutional investors.

Positive Signs to Watch Out For

Despite the current bearish outlook, there are a few positive indicators that could support Bitcoin’s future performance. MicroStrategy’s acquisition of 11,931 BTC, worth around $800 million, showcases strong institutional backing. Moreover, BitMEX CEO Arthur Hayes points to the ongoing Japanese banking crisis as a potential catalyst for a Bitcoin bull run.

Conclusion

In summary, while the short-term forecast for Bitcoin remains bearish due to numerous pressures, there are promising developments on the horizon that could trigger a bull run by year-end. Investors should closely monitor these indicators and strategically plan their investments to capitalize on potential market opportunities.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Ripple and SEC Move to Conclude Long-Running XRP Lawsuit, Signaling End to Legal Battle

Ripple and SEC Move to Conclude Long-Running XRP Lawsuit,...

Robinhood to Reveal Exciting Crypto Business Update Featuring Bitcoin on June 30

Robinhood is set to reveal significant updates regarding its...

Ethereum Whale Reactivates 1,000 ETH Pre-Mine Address After Nearly a Decade Dormant

Whale Alert recently identified the activation of a dormant...

Trump Comments on Tariff Suspension and Trade Talks Amid Bitcoin Market Reactions

Former President Donald Trump recently commented on the ongoing...

Binance to Update Bitcoin Collateral Ratio for Investment Portfolio Margin Starting July 4, 2025

Binance has announced a forthcoming adjustment to the collateral...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img