Bullish sentiment for riskier assets following soft inflation figures could propel bitcoin (BTC) prices toward the $74,000 mark in the coming days as institutional demand continues to grow, Singapore-based QCP Capital said in a note early Thursday.
"We expect bullish momentum here that could take us back to the highs of nearly $74,000," QCP traders said. "The desk saw sizeable buyers of $100K-$120k BTC Calls for Dec 2024 on this move higher in spot."
"Institutional demand for bitcoin continues to grow, with large asset managers Millennium and Schonfeld investing approximately 3% and 2% of their AUM into the BTC spot ETF," they added.
"Short-term Bitcoin holders are selling at basically zero profit and traders are depleting their unrealized profits in the last few months," CryptoQuant analysts shared in a Thursday report.
#bitcoin-price-prediction #institutional-demand #us-inflation-impact #cryptocurrency-analysis #market-trends
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