QCP Capital’s latest analysis shows limited upside for Bitcoin prices in the short term. Trading activity indicates a large volume of selling of Bitcoin call options expiring next month.
Authored by QCP Capital, a cryptocurrency trading firm, they stated that the price of Bitcoin (BTC) may continue to consolidate over the next two months and is likely to see an upward trend starting in December 2024.
Experts expect a significant reversal in the bullish sentiment by the end of the year, despite the prevailing bearish sentiment, due to aggressive buying of call options from September to December.
This pattern suggests a period of consolidation in the summer, followed by significant market activity around the US presidential election.
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The report also mentioned that miners are facing significant pressure to sell part of their assets due to the sustained high post-halving mining prices. This pressure is expected to persist and could slow down the recovery of Bitcoin prices.
Furthermore, over the past week, the Bitcoin ETF market has continued to experience selling, with outflows exceeding $50 billion in recent days.
