Bitcoin prices have surged over the past seven days, climbing back into the $61,000 to $67,000 zone where they spent most of the second quarter. This strong run has come despite FUD (fear, uncertainty, and doubt) caused by speculation about Mt. Gox repaying customers.
Interestingly, recent trading data has led QCP Capital, a well-known trading data firm, to suggest that Bitcoin may just be gearing up for an even bigger price surge. According to analysts at the firm, the leading cryptocurrency is set to see a significant price surge ahead of the US elections.
Will BTC price hit $100,000 by the end of the year?
As expected, Bitcoin’s price surge from under $60,000 to $67,000 last week has been one of the hottest topics among investors, and analysts at QCP Capital are among the latest group of experts to weigh in on the market leader’s recent price action.
According to analysts at QCP, the resilient rise in BTC prices reflects the possibility that the market has “dispelled” most of its concerns. As a result, the flagship cryptocurrency may be preparing to continue its bull run after spending much of the last quarter consolidating.
QCP analysts noted in the report that the perpetual funding rate has returned to a neutral position, signaling balanced sentiment among traders. For context, the funding rate refers to the periodic payments exchanged between buyers and sellers in perpetual futures contracts.
Additionally, QCP Capital noted that Bitcoin’s spot market is likely to remain within the $61,000 to $67,000 range in the near term, especially as traders are holding sizable long positions at the $67,000 strike price on July 26. After all, investors appear to be betting heavily on a price rally ahead of the U.S. elections.
Additionally, December $100,000 call options have seen steady and significant institutional interest, suggesting growing confidence in Bitcoin’s potential for a year-end upswing, especially with the growing likelihood of Donald Trump winning the upcoming election.
It is worth noting that Bitcoin prices have soared following the assassination attempt on the former US president. This price movement is linked to the increased likelihood of a victory for Donald Trump, who has been a vocal supporter of the leading cryptocurrency in recent months.
Bitcoin price overview
At the time of writing, Bitcoin price is hovering around $66,660, up more than 5% in the past day, and according to data from CoinGecko, BTC has risen more than 16% in the past week.
Featured image from iStock, chart from TradingView
