web3.0Bitcoin Bull Run Forecast for September 2024, Citing Aggressive Call Option Purchases and Other Factors
Experts from QCP Capital forecast a Bitcoin bull run beginning in September 2024, citing aggressive call option purchases and other factors.
Experts from QCP Capital are predicting a bull run for Bitcoin beginning in September 2024. This prediction is based on several factors, including aggressive call option purchases and the analysis of market activity.
According to the analysis, the price of Bitcoin will be capped for the time being. The market activity shows that a large number of people are selling their Bitcoin call options, which will expire in a month.
However, QCP Capital predicts a strong bullish momentum by the end of the year. Despite the current bearish sentiment, there have been aggressive purchases of call options for September through December. As the market is set to consolidate throughout the summer in anticipation of the US elections, this is evident.
The analysis also highlights the continuous selling pressure from miners, which has been evident since the last Bitcoin halving due to high breakeven prices. This selling pressure may continue to delay the recovery of the Bitcoin price.
According to Coingape, such sales have brought miner Bitcoin holdings to their lowest level in 14 years, with total reserves being depleted by nearly 5,000 BTC since the beginning of the year.
Furthermore, QCP Capital noted several positive developments this week that contribute to a bullish outlook for BTC. One key factor is MicroStrategy’s recent acquisition of 11,931 BTC, valued at an impressive $800 million.
On the other hand, BitMEX CEO Arthur Hayes presented a positive macroeconomic scenario on how the current banking crisis in Japan could trigger a bull run for Bitcoin.
Moreover, the market was shaken by the German government’s announcement of another major supply dump. The German government is set to sell an additional 47,000 BTC in the coming days after selling 3,000 BTC earlier this week.
Lastly, it’s worth noting that the ETF market has seen a continuous sell-off, with spot Bitcoin ETFs registering over $500 million in trading volume in the past week. This highlights the institutional sell-off as they sit on the sidelines waiting for better price action for Bitcoin.
Photo: Kanchanara/Unsplash
News source：https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-bull-forecast-september-citing-aggressive-call-option-purchases-factors.html
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