๐๐ ANALYSTS BULLISH ON BITCOIN: QCP CAPITAL PREDICTS NEW ALL-TIME HIGHS IN JUNE ๐๐
The mighty Analysts project Bitcoin reaching unprecedented heights this June. Singapore-based QCP Capital and other market observers are predicting that Bitcoin could surpass its previous all-time high of $73,794, potentially crossing the $74,000 mark.
๐ QCP Capitalโs Insights:
QCP Capital has highlighted strong bullish signals in the Bitcoin options market, particularly with June expiries. Their trading desk has observed significant call buying, indicating confidence in Bitcoinโs upward trajectory. This bullish sentiment suggests a potential breakthrough past $74,000, with some analysts like Cory Mitchell from Trading.biz even targeting $110,000.
๐ Market Momentum:
Several analysts have noted a positive outlook for Bitcoin in June. Cory Mitchell explained that Bitcoin has been forming a rounded bottom pattern over the last 1.5 months, which typically precedes explosive upward movements in an overall uptrend. Mitchell emphasized that breaking past $70,000 could propel Bitcoin to new heights, with historical rally sizes suggesting a target near $110,000.
๐ Stocklytics Analystโs Perspective:
Neil Roarty from Stocklytics echoed this optimism, pointing out the significant inflows into Bitcoin ETFs. Since their launch in the U.S. in January, these ETFs have attracted a new wave of institutional investors. On a notable day in June, Bitcoin ETFs saw $880 million in inflows, marking the highest since March and indicating rising demand.
๐ค An Unpredictable Ride Ahead:
Roarty also highlighted that the bullish sentiment among institutional investors could be influenced by interest rate movements. If interest rates are cut sooner rather than later, Bitcoinโs strong recent returns might look even more attractive compared to traditional investments.
๐ What are your thoughts on Bitcoin's potential new highs? Like, share, comment, and follow for more updates!
Matthias Mende aka Prof. Mende!