Bitcoin’s price has been falling for the past seven days, returning between the $61,000 and $67,000 zone where it spent most of the second quarter. This positive shape comes despite the FUD (fear, uncertainty and doubt) from speculation about the refund of Mount Gox customers.
Interestingly, recent trading data has led QCP Capital, a prominent trading data company, to suggest that Bitcoin may just be warming up for an even bigger price rise. According to the company’s analysts, the leading cryptocurrency appears poised for significant price growth ahead of the United States elections.
BTC Price Will Reach $100,000 By The End Of The Year?
Unsurprisingly, the rise in the Bitcoin price from under $60,000 to as high as $67,000 over the past week has been one of the most talked about topics among investors. Analysts at QCP Capital are among the latest group of experts to weigh in on the market leader’s recent price action.
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According to the QCP analysts, the resilient upward movement of the BTC price reflects how the market has ‘shaked off’ most concerns. As a result, the flagship cryptocurrency may be preparing to continue its bull run after spending most of the past quarter in consolidation.
The QCP analysts pointed out the report states that the perpetual funding rate is back to neutral, indicating balanced sentiment among traders. For context, the financing rate refers to a periodic payment exchanged between buyers and sellers in perpetual futures contracts.
Additionally, QCP Capital noted that the Bitcoin spot market could remain within the $61,000 – $67,000 range in the near term, especially as traders held significant long positions during the $67,000 strike on July 26. Ultimately, investors appear to be betting big on a price increase in the run-up to the US elections.
In addition, there has been steady and significant institutional interest in $100,000 calls in December. This suggests 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 after the assassination attempt on the former President of the United States. This price movement was linked to the increased chances of a victory for Donald Trump, who has been an outspoken supporter of the leading cryptocurrency in recent months.
Bitcoin price at a glance
At the time of writing, Bitcoin’s price continues to hover around $66,660, reflecting an increase of more than 5% in the past day. According to CoinGecko data, BTC has risen more than 16% in the past week.
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Featured image from iStock, chart from TradingView