The price of Bitcoin has been on a tear over the past seven days, returning between the $61,000 and $67,000 zone where it spent most of the second quarter. This positive run of form comes despite the FUD (fear, uncertainty, and doubt) due to speculations about Mt. Gox’s customer repayment.
Interestingly, recent trading data have led QCP Capital, a prominent trading data, to suggest that Bitcoin might only be warming up for an even bigger price rally. According to the company’s analysts, the premier cryptocurrency looks primed for significant price growth ahead of the United States elections.
BTC Price To Reach $100,000 By Year End?
Unsurprisingly, the climb of the Bitcoin price from beneath $60,000 to as high as $67,000 in the past week has been one of the hottest topics of discussion amongst investors. Analysts at QCP Capital are amongst the latest set of experts to weigh in on the recent price action of the market leader.
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According to the QCP analysts, the resilient upward movement of the BTC price reflects how the market may have “shaken off” most of its concerns. As a result, the flagship cryptocurrency may be preparing to continue its bull run, having spent the better parts of the last quarter in consolidation.
The QCP analysts pointed out in the report that the perpetual funding rate is back to a neutral position, signaling a balanced sentiment amongst traders. For context, the funding rate refers to a periodic payment exchanged between buyers and sellers in perpetual futures contracts.
What’s more, QCP capital noted that the Bitcoin spot market could persist within the $61,000 – $67,000 range in the short term, especially with traders holding substantial long positions at the July 26 $67,000 strike. Ultimately, investors appear to be betting big on a price upswing ahead of the United States elections.
Additionally, there has been steady and significant institutional interest in December $100,000 calls. This suggests an increasing confidence in the potential of a year-end rally for Bitcoin, especially with the rising odds of a Donald Trump victory in the upcoming elections.
It is worth mentioning that the price of Bitcoin spiked following the assassination attempt on the former United States president. This price movement was linked to the increased odds of a win for Donald Trump, who has been a vocal supporter of the premier cryptocurrency in recent months.
Bitcoin Price At A Glance
As of this writing, the price of Bitcoin continues to hover around $66,660, reflecting an over 5% increase in the past day. According to CoinGecko data, BTC is up by more than 16% in the past week.
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Featured image from iStock, chart from TradingView