Bitcoin price: Here’s why QCP Capital expects BTC run to 74k
Bitcoin price surged past the $66,000 mark on Thursday to hit highs last seen in April amid a fresh dose of bullish sentiment.
BTC price reached $66,699 on US-based crypto exchange Coinbase, extending gains seen when markets soared on softer-than-expected US inflation data released on Wednesday.
Bitcoin price outlook: QCP Capital says bulls can reclaim the ATH
According to analysts at QCP Capital, the bullish momentum currently surrounding Bitcoin could see prices run to highs of $74,000.
The market reaction to the US Consumer Prices Index (CPI) data release, as well as the broader traction for spot Bitcoin ETFs, are potential catalysts.
The analysts also pointed to the increased institutional demand for the flagship cryptocurrency. The last few days have seen large asset managers file their 13Fs, disclosing huge positions in spot Bitcoin ETFs.
For instance, Susquehanna, Morgan Stanley and the State of Wisconsin Investment Board have disclosed huge holdings of BTC ETFs. Asset managers Millennium and Schonfeld have invested roughly 3% and 2% of their assets under management (AUM) respectively into spot Bitcoin ETFs.
At the time of writing, the benchmark cryptocurrency was up more than 5% in 24 hours, with trading volume at over $37.8 billion and showcasing a 24-hour increase of 93%.
BTC price reached its all-time high of $73,737 on March 14.
