Bitcoin Bull Run Could Restart in September 2024, Here’s Why
QCP Capital’s latest report suggests that Bitcoin price consolidation will likely continue for two months, with the possibility of the next bull run starting in September 2024. As of the moment the news was published, Bitcoin price is trading at $64,362, down 0.4% in one market. The limit is 1.268 trillion dollars.
Bitcoin Price Has Peaked for the near Term
According to the latest report from QCP Capital, Bitcoin price will remain limited in the short term. Trading activity shows that Bitcoin call options expiring next month have been sold in large quantities.
However, QCP Capital expects a significant upward movement by the end of the year. Despite the current bearish trend, there was aggressive buying of call options from September to December. This clearly indicates expectations for summer consolidation to be followed by major market movements around the US elections.
The report also states that miners were under intense selling pressure due to high breakeven prices during the last Bitcoin halving. This selling pressure is likely to continue, delaying the Bitcoin price recovery.
As a result of this sell-off, miners’ Bitcoin holdings have fallen to 14-year lows, and total reserves have fallen by more than 5,000 BTC since the beginning of the year.
Additionally, the market was unsettled by reports of new large supply flows from the German government. Earlier this week, the German government sold 3,000 BTC with plans to sell an additional 47,000 BTC in the coming days.
Finally, it is important to note that while spot Bitcoin ETFs recorded more than $500 million last week, there has been a sustained sell-off in the ETF market. This shows a lack of confidence among institutional players who are waiting on the sidelines for Bitcoin to reverse its course.
Bullish Developments This Week
QCP Capital also noted that there were many positive developments this week that contributed to BTC’s bullish outlook. Some of the key factors include MicroStrategy’s recent acquisition of 11,931 BTC worth a staggering $800 million.
On the other hand, BitMEX CEO Arthur Hayes also shared an optimistic macroeconomic narrative explaining how the current Japanese banking crisis could trigger the BTC bull run.
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Bhushan is a FinTech enthusiast and has a good ability to understand financial markets. His interest in economics and finance draws his attention to the emerging Blockchain Technology and Cryptocurrency markets. He is in a constant learning process and motivates himself by sharing the knowledge he has acquired. In her spare time, she reads thriller novels and sometimes explores her culinary skills.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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