According to Odaily, QCP Capital has reported that the US CPI data has triggered a breakthrough in risk assets, causing the price of BTC to rise above $66,000. The firm anticipates that this momentum could potentially push the price back to its high of $74,000.
In addition, QCP Capital noted a continuous increase in institutional demand. Large asset management firms, Millenium and Schonfeld, have respectively invested 3% and 2% of their asset management scale into BTC spot ETFs.
With the large-scale adoption by sovereigns and institutions, easing inflation, and the upcoming US elections, this breakthrough could signify the recovery of the bull market.