Bitcoin has been rising in price over the past seven days, returning to the $61,000-$67,000 zone where it spent most of Q2. This positive run of form comes despite FUD (fear, uncertainty, and doubt) over speculation about Mt. Gox customer repayments.
Interestingly, recent trading data has prompted QCP Capital, a leading trading data firm, to suggest that Bitcoin may be warming up for an even bigger price rally. According to the firm’s analysts, the leading cryptocurrency appears poised for a significant price boost ahead of the US election.
Will BTC price reach $100,000 by the end of the year?
It’s no wonder that Bitcoin’s price rise from under $60,000 to $67,000 over the past week has been one of the hottest topics of discussion among investors. Analysts at QCP Capital are among the latest experts to assess the market leader’s recent price action.
According to QCP analysts, the resilient upward move in BTC price reflects how the market may have “shaken off” most of its concerns. As a result, the flagship cryptocurrency may be preparing to continue its rally after spending most of the last quarter in consolidation.
QCP Analysts indicated in the report that the perpetual funding rate has returned to neutral, signaling balanced sentiment among traders. For context, the funding rate refers to the periodic payment exchanged between buyers and sellers in perpetual futures contracts.
Moreover, QCP Capital noted that the Bitcoin spot market could sustain itself in the $61,000-$67,000 range in the near term, especially with traders holding significant long positions at the July 26 strike price of $67,000. Ultimately, investors seem to be betting on a price rally ahead of the US election.
In addition, there is continued and significant institutional interest in December $100,000 call options. This suggests growing confidence in a potential year-end Bitcoin rally, especially with the rising odds of a Donald Trump victory in the upcoming election.
It is worth mentioning that the price of Bitcoin rose sharply after the assassination attempt on the former US president. This price movement was associated with the increased chances of victory of Donald Trump, who has been a vocal supporter of the leading cryptocurrency in recent months.
Bitcoin price in brief
At the time of writing, Bitcoin’s price is still hovering around $66,660, reflecting a gain of over 5% over the past day. According to data from CoinGecko, BTC is up over 16% over the past week.
Featured image from iStock, chart from TradingView
