- QCP Capital analysts have announced that option investors are becoming bullish on Bitcoin’s price.
- As we enter a critical week for Bitcoin and altcoins, a surge has been observed in the market in the last 24 hours.
- At the time of writing, Bitcoin is hovering around $62,930, having spiked above $63,000 earlier today.
Bitcoin’s price is showing bullish signs, according to QCP Capital analysts, as option investors anticipate a surge. The market has seen a rise in the last 24 hours, with Bitcoin reaching above $63,000.
Bitcoin’s Bullish Trend
Investors are focusing on this week’s US CPI and PPI data, as well as a speech by FED Chairman Jerome Powell. Amid these developments, new analysis from QCP Capital analysts indicates a bullish trend for Bitcoin. The analysts pointed out that barring any hawkish surprises, $60,000 is a strong support level for Bitcoin. They expect the upward trend to continue even if the Bitcoin price continues to consolidate.
Option Investors’ Expectations
Finally, the analysts noted that option investors are also becoming bullish. They revealed that investors are expecting Bitcoin to reach $65,000 in June and between $90,000 and $100,000 in December. “Bitcoin has compensated for most of the 5% losses triggered by the hawkish comments of the FED on Friday. We think the price movement will pause here as the market digests various macro events lined up this week: Tuesday: US PPI, Powell will speak / Wednesday: CPI, Retail Sales. Considering the strong rise last week, $60,000 still seems like a strong support level despite the low levels, barring hawkish surprises. In general, as the market gets more clarity from the FED, even if the BTC price continues to consolidate here, BTC structurally maintains its upward trend. In today’s option flow, BTC buyers went bullish in June ($65,000) and BTC went bullish in December ($90,000 to $100,000),” they said.
Conclusion
In conclusion, the market is showing bullish signs for Bitcoin, with $60,000 being a strong support level. Option investors are also expecting a surge, with predictions of Bitcoin reaching up to $100,000 by December. As the market continues to digest various macro events, the upward trend is expected to continue.
