According to the most recent research from QCP Capital, there is a probability that the next bitcoin bull run will begin in September 2024, and the consolidation of the Bitcoin price will last another two months. With a market valuation of $1.268 trillion, the cost of Bitcoin is now trading 0.4% lower at $64,362 as of this writing.
Short-term Price Cap for Bitcoin
According to QCP Capital’s most recent study, Bitcoin’s price will remain limited in the near future. The volume of trades indicates that many Bitcoin call options scheduled to expire in a month are being sold.
But by year’s end, QCP Capital anticipates notable bullish movement. Aggressive buying has been seen in call options for September through December despite the present pessimistic sentiment. This demonstrates unequivocally the anticipation of significant market swings around the US elections, followed by a summer consolidation.
The report says that since the latest halving of Bitcoin, miners have been under tremendous pressure to sell because breakeven prices have been so high—the pressure to sell will go up, which will postpone the future rise in the cost of Bitcoin.
With total reserves down more than 5,000 BTC since the start of the year, the miner Bitcoin holdings have reached their lowest points in 14 years due to this dumping.
The market has also been uneasy due to speculation that the German government is planning a new, massive supply flood. The German government sold 3,000 Bitcoin earlier this week and intends to sell a further 47,000 Bitcoin in the next several days.
Not to be overlooked is the ongoing sell-off from the ETF market, with spot Bitcoin ETFs recording more than $500 million in value in the last week alone. This demonstrates the lack of faith held by institutional investors waiting for Bitcoin’s price to turn around.
Positive Events This Week
Additionally, QCP Capital said a bitcoin bull run forecast for Bitcoin this week resulted from several encouraging developments. Among the important ones is MicroStrategy’s recent acquisition of 11,931 Bitcoin, estimated to be worth an incredible $800 million.
However, BitMEX CEO Arthur Hayes has also provided a positive macroeconomic story outlining how the present banking crisis in Japan may lead to a Bitcoin bull run.
