Here's when Bitcoin's bull market could resume and why
QCP Capital's latest analysis shows that Bitcoin's price is capped in the short term. Trading activity revealed significant selling of Bitcoin call options expiring next month.
From QCP Capital, a crypto asset trading company they stated also that the price of Bitcoin ( BTC ) is likely to remain in a consolidation phase for the next two months, with the potential for a bullish trend to begin in September 2024.
Experts expect a significant bullish reversal by the end of the year despite the current bearish sentiment as aggressive buying of call options is seen in the September to December period.
This pattern suggests an expectation of a summer consolidation followed by significant market activity around the time of the US election.
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Bitcoin could replace the dollar, according to Jack DorseyThe report also mentions that miners are under severe pressure to sell some of their holdings due to high mining prices following the recent halving event. This pressure is expected to continue, which could potentially slow BTC's price recovery.
In addition, during the past week, watched continued selloff in the Bitcoin ETF market, with over $500 million worth of outflows in recent days.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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