According to TechFlow, QCP Capital released its latest market analysis report. The report pointed out that Bitcoin is currently fluctuating between $62,000 and $64,000, and Ethereum is trading close to a low of $2,600. Micron Technology (MU) shares surged 16% due to an increase in its fourth-quarter revenue forecast, and the market expects chip companies such as Nvidia (NVDA) to follow suit, which could be a catalyst for Bitcoin to break through $64,000.
Key macro events today include US GDP data and a speech by Fed Chairman Powell. The market will pay close attention to Powell's speech, looking for changes in policy stance after last week's FOMC press conference.
U.S. presidential candidate Kamala Harris has again voiced her support for cryptocurrencies, pledging to position the United States as a leading force in "AI, quantum computing, and blockchain."
QCP Capital believes that as global central banks begin to ease monetary policy, the expected increase in liquidity could drive cryptocurrency prices higher. The company recommends that investors consider going long on long-term option structures with unlimited upside to capture potential parabolic price increases.
