Bitcoin surges past $66k after US CPI data triggers buyside pressure
Here’s why QCP Capital analysts say BTC could run to $74k
Bitcoin price surged past the $66,000 mark on Thursday to hit highs last seen in April amid a fresh dose of bullish sentiment.
BTC price reached $66,699 on US-based crypto exchange Coinbase, extending gains seen when markets soared on softer-than-expected US inflation data released on Wednesday.
Bitcoin price outlook: QCP Capital says bulls can reclaim the ATH
According to analysts at QCP Capital, the bullish momentum currently surrounding Bitcoin could see prices run to highs of $74,000.
The market reaction to the US Consumer Prices Index (CPI) data release, as well as the broader traction for spot Bitcoin ETFs, are potential catalysts.
“US CPI numbers triggered a break out of the range across risk assets. BTC has since traded back above 66k. We expect bullish momentum here that could take us back to the highs of 74k. The desk saw sizable buyers of 100-120k BTC Calls for Dec 2024 on this move higher in spot,” the Singapore-based platform said in a note on Thursday.
The analysts also pointed to the increased institutional demand for the flagship cryptocurrency. The last few days have seen large asset managers file their 13Fs, disclosing huge positions in spot Bitcoin ETFs.
For instance, Susquehanna, Morgan Stanley and the State of Wisconsin Investment Board have disclosed huge holdings of BTC ETFs. Asset managers Millennium and Schonfeld have invested roughly 3% and 2% of their assets under management (AUM) respectively into spot Bitcoin ETFs.
“The stars seem to be aligning on this breakout with significant sovereign and institutional adoption, abating inflation and upcoming US elections. Is this the resumption of the bull market?” the QCP traders pondered.
At the time of writing, the benchmark cryptocurrency was up more than 5% in 24 hours, with trading volume at over $37.8 billion and showcasing a 24-hour increase of 93%.
BTC price reached its all-time high of $73,737 on March 14.
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