While the miserable month of June is over, Singaporean crypto investment firm QCP Capital is expecting Bitcoin prices to rise in July.
In a report two days ago, QCP Capital stated that July has generally been bullish for BTC according to historical data.
QCP analysts said the options market remains in an uptrend despite the sales, suggesting the market remains bearish. Expect growth by year-end.
“Following Fed Chairman Jerome Powell’s statement that the US economy is on a deflationary path, the US stock market has hit new highs.
However, the bullish momentum in the stock market has not yet been reflected in BTC and ETH, with prices hovering around $60,000 and $3,300.
Despite the selling, the options market remains heavily tilted toward the top, suggesting the market is still waiting for a year-end rally.
This is consistent with significant buying interest in long options worth $100,000-120,000.
As we look ahead to the coming months, we expect Q3 to be sluggish for BTC as we remain uncertain about supply due to the Mt.Gox refund.”
What Causes Bitcoin to Fall? What Does It Take for the Price to Rise?
