Claim BonusBitcoin Bull Run Won’t Start Before September 2024, Here’s Why
Highlights
- Bitcoin's price is likely to remain capped for the next two months with consolidation ending this summer.
- Despite current bearish sentiment, there is aggressive buying of call options for September through December.
- Bitcoin miner holdings have dropped to the lowest level in 14 years due to high breakeven costs post halving.
According to the latest report from QCP Capital, Bitcoin price consolidation is likely to persist for the next two months, with the potential for the next bull run beginning in September 2024. Currently, Bitcoin is trading at $64,362, down 0.4%, with a market cap of $1.268 trillion.
Bitcoin Price Capped for Near Term
As per the latest report from QCP Capital, the Bitcoin price remains capped in the short term. The trading activity shows large selling of the Bitcoin call options set to expire the next month.
However, QCP Capital expects significant bullish movement by the end of the year. Despite the current bearishness, there’s been aggressive buying for call options for September through the month of December. This clearly shows the expectations of a summer consolidation followed by major market movements around the US elections.
The report further states that miners have been under intense pressure to sell due to high breakeven prices amid the recent Bitcoin halving. This selling pressure is likely to continue ahead delaying the Bitcoin price recovery going ahead.
As a result of this selling, the miner Bitcoin holdings have dropped to their lowest levels in 14 years with total reserves dropping by more than 5,000 BTC since the beginning of the year.
Additionally, the market has been unsettled by the reports of a new large supply flood coming from the German government. Earlier this week, the German government sold 3,000 BTC with the plans to offload an additional 47,000 BTC in the coming days.
Lastly, not to forget, there’s been a continuous sell-off coming from the ETF market with the spot Bitcoin ETFs registering more than $500 million over the past week. This shows the lack of confidence among institutional players waiting on the sidelines for Bitcoin to reverse its trajectory.
Bullish Developments This Week
Furthermore, QCP Capital also stated that there’ve been several positive developments contributing to a bullish outlook for BTC this week. Some of the key factors include MicroStrategy‘s fresh purchase of 11,931 BTC valued at a staggering $800 million.
On the other hand, BitMEX CEO Arthur Hayes has also shared an optimistic macroeconomic narrative explaining how the current Japanese banking crisis could trigger a BTC bull run.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Trump Tariffs: Crypto Market Rises as U.S. Cancels Greenland-Linked Tariffs on Europe
- How Iran’s Central Bank Acquired $507M in Tether’s USDT to Support the Rial
- Ripple Partners With DXC To Integrate XRP Payments Into $5 Trillion Banking Network
- Ripple CEO Reiterates Support for CLARITY Act as White House Crypto Czar Signals Regulatory Progress
- Trump Tariffs: E.U. Suspends U.S. Trade Deal Amid Tensions Over Greenland
- Ethereum Price Prediction as Trump Signals Crypto Market Bill Signing soon
- Bitcoin Price Prediction Ahead of Key US Inflation and GDP Data
- XRP Price Forecast as Binance Officially Lists Ripples’s $RLUSD Stablecoin
- Dogecoin, Shiba Inu, and PEPE Predictions as Bitcoin Price Drops Below $90k
- Is Pi Network Price Going Through a Tough January?
- Chainlink Price Prediction After 24/5 Stock Data Launch: What’s Next For LINK?
