QCP Capital Forecasts Bitcoin’s Price to Reach $74K Again, Anticipating Sustained Bullish Momentum

Bitcoin is predicted to reach previous highs of $74,000, according to trading firm QCP Capital. The firm has observed significant buyers acquiring BTC Calls for December 2024, indicating confidence in the cryptocurrency’s upward movement. QCP Capital cites factors such as growing institutional adoption, easing inflation concerns, and the upcoming US elections as favorable for Bitcoin’s breakout. In response to this optimistic outlook, QCP Capital offers two trade ideas for investors. The first is the June Seagull strategy, which involves selling a 60,000 Put option while buying a 70,000 Call option with an 88,000 knock-out level. The second trade idea is the August Seagull strategy, which involves selling a 58,000 Put option and buying a 70,000 Call option with a 100,000 knock-out level. Despite QCP’s bullish view, Galaxy Digital founder Michael Novogratz expects Bitcoin to trade in a narrow range of approximately $55,000 to $75,000 in the current quarter. Technical analyst Rekt Capital believes Bitcoin has entered an accumulation phase after emerging from the post-halving “danger zone.”