Here’s When Bitcoin (BTC) Price Could Return to $74,000 Highs: QCP Capital

QCP Capital has predicted a bullish momentum that could see bitcoin reach its previous highs of $74,000 in the coming months.

This follows a rise in BTC price on May 15, driven by rising ETF inflows and April’s Consumer Price Index (CPI), which indicated a slight decrease in inflation from the previous month.

Institutional adoption and upward momentum

According to insights provided by QCP Capital, the US CPI numbers triggered a breakout among several risk assets, pushing BTC above $66,000.

“We expect bullish momentum here that could take us back to the highs of $74,000,” QCP Capital commented.

They saw an increase in buying activity, with investors acquiring 100-120,000 BTC calls for December 2024. There has also been widespread institutional adoption of the main cryptocurrency, with major asset managers such as Millenium and Schonfeld allocating approximately 3% and 2% of their assets under management (AUM) to detect Bitcoin ETFs.

Analysts at QCP Capital also highlighted favorable market conditions, including sovereign and institutional adoption, easing inflationary pressures and anticipation of the upcoming US election, as contributing to the potential bull market resurgence.

QCP Capital recommends traders to adopt strategies like ERKO Bullish Gulls. Designed to take advantage of upward price movements while mitigating downside risks, they offer investors the opportunity to participate in the potential bitcoin bull run with minimal upfront costs.

For example, the Bullish ERKO Seagull for June offers a cost-neutral approach with a maximum payout of $18,000 per BTC if the spot price is around $88,000 at expiration. Likewise, the August Seagull presents a similar risk-reward profile, with a potential payout of $30,000 per BTC if the spot price approaches $100,000 on the expiration date.

Bitcoin rises as inflation eases

According to a report released on May 15, the consumer price index, which serves as a comprehensive measure of the cost of goods and services at the point of sale in the US, indicated a slight decrease in inflation compared to the previous month .

On Wednesday, bitcoin saw a surge following the release of the April CPI, as its price soared more than 7% to $66,567.91, marking its best performance since March 25 Bitcoin has also broken above its 50-day moving average for the first time since April 13.

That surge on Wednesday propelled BTC to a weekly gain of 7%, its most notable increase since the last week of March, reversing a month-and-a-half downtrend. According to data from CoinGecko, at the time of writing, Bitcoin is trading around $66,000, which represents a 6% increase in the last 24 hours.

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