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Analysts: Bitcoin has a chance to rise to $74,000

The update of the consumer price index (CPI) in the United States caused a breakthrough in the market of high-risk assets, experts from QCP Capital said. This could give the necessary impetus to Bitcoin, the price of which will rise to $74,000, analysts are confident.

In their forecast, experts noted an increase in the number of buyers of call options in the $100,000-$120,000 zone for December 2024. According to analysts, this indicates the prevalence of bullish sentiment among investors.

This is confirmed by data from the Deribit exchange:

Allocation of call options expiring in December 2024. Source: Deribit.

QCP Capital experts pointed to the growth of institutional demand as another driver of the bull market. As an example, the forecast provides data for Millennium and Schonfeld, which invested 3% and 2% of their assets in shares of spot Bitcoin ETFs, respectively.

“It seems like all the stars have aligned for this breakthrough. Significant sovereign and institutional adoption, lower US inflation, upcoming presidential elections. Is this really a return to a bull market?” QCP Capital experts ask.

Source: Cryptocurrency

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