Bitcoin, the leading cryptocurrency, made the move that investors have been waiting for a long time and exceeded $ 52,000.
As the risk appetite among investors increases, the expectation of a new ATH continues to increase. At this point, Singapore-based cryptocurrency company QCP Capital, which evaluated the performance of Bitcoin, announced its predictions for ATH.
Amid massive Bitcoin ETF inflows and bullish derivative calls, QCP Capital analysts claimed that the BTC price could reach an all-time high by the end of March.
Stating that global liquidity has returned to Bitcoin ETFs, analysts said that they expect the BTC price to reach at least $ 70,000 by the end of March.
“Bitcoin has risen above the $50,000 level again after more than 2 years. This rise came after impressive inflows into spot Bitcoin ETFs of approximately $500-650 million per day, which corresponds to the purchase of 10-13 thousand BTC per day.
In addition to these spot inflows, there was also a large amount of BTC call option purchases. This week alone, we have seen close to $10 million in premiums paid for contracts priced at $60-80 thousand that will expire from April to December.
“With the impact of all this option data and BTC inflows, BTC could easily break all-time highs by the end of March.”
Bitcoin continues to trade at $52,235 at the time of writing.
📈Options Vol-cast – 15 Feb 24
1/ #BTC has broken above the 50k level again after more than 2 years. This has been on the back of impressive inflows from the BTC spot #ETFs of about $500-650m a day, which works out to 10-13k BTC bought daily.
— QCP Capital (@QCPCapital) February 15, 2024
*This is not investment advice.
