In their recent article dated July 1, QCP Capital projected a potentially bullish month for both Bitcoin (BTC) and Ethereum (ETH). Despite some volatility, including a brief drop below the $60,000 support level last week, Bitcoin has shown resilience and a promising outlook for the upcoming month.
Key Highlights:
1. BTC Price Movement:
- BTC bounced back from the $60,000 area to reach around $63,700 at the beginning of the second half of the year.
- Despite briefly dipping below $60,000 last week, BTC's recovery signals strong market support.
2. BTC Spot ETF Inflows:
- Last Friday saw a $73 million net inflow into BTC spot ETFs, marking the highest single-day inflow in two weeks.
- This significant inflow suggests strong investor interest and confidence in BTC.
3. Seasonal Data:
- Historical data shows that BTC's median return in July is 9.6%.
- Notably, BTC typically performs well in July, especially following a negative return in June (-9.85%).
4. Options Trading Insights:
- QCP Capital's options trading desk observed notable flows last Friday, preparing for a potential rally at the end of the month.
- This activity is likely in anticipation of the launch of an ETH spot ETF, which could further stimulate market bullishness.
Market Outlook:
All signs from QCP Capital's analysis indicate that July could be a bullish month for both BTC and ETH. The combination of historical performance, strong ETF inflows, and anticipated market developments (such as the potential launch of an ETH spot ETF) contribute to this optimistic forecast.
