Has the Bitcoin Rally Started Again? What’s the Next Target for BTC?

Bitcoin and altcoins turned green again with the release of US inflation data. While BTC rose above $66,000, altcoins also experienced significant increases reaching double digits.

At this point, Fantom (FTM) is at the top with a 24.2% increase in the last 24 hours, while the mem token Book Of Meme (BOME) is in second place with a 22.7% increase; Sei (SEI) ranked third with an increase of 19.4%.

While this mobility in Bitcoin caused option investors to increase their expectations, QCP Capital analysts made a new analysis about BTC.

Stating that the US CPI data triggered the rise in Bitcoin, QCP analysts said that BTC now expects upward momentum that could take it back to the previous ATH levels of $ 74,000.

Pointing out that option investors also increased their expectations, analysts analyzed that investors expected $100,000-$120,000 for December.

Stating that the increasing institutional demand for BTC also played a role in this rise, analysts said that the rise accelerated when large asset managers such as Millennium and Schonfeld invested approximately 3% and 2% of their AUM in the spot BTC ETF.

Claiming that recent events could be a signal of the resumption of the bull market, QCP analysts said:

“US CPI data triggered a move out of range in risky assets. BTC has since risen above 66,000.

Here, BTC is waiting for upward momentum that could take it back to 74 thousand levels.

With this upward move, option investors began to expect 100-120 thousand dollars for December 2024.

Institutional demand for BTC continues to grow, with major asset managers Millennium and Schonfeld investing around 3% and 2% of their AUM in the BTC spot ETF. This also supports the rise.

Bitcoin and altcoins have significantly dominated this rise, and institutional adoption appears to be aligning with lower inflation and the upcoming US elections. Is this a sign of a resumption of the bull market?

“If this is indeed the resumption of the bull trend, then this move could take us beyond all-time highs.”

Bitcoin continues to trade at $65,976 at the time of writing.

*This is not investment advice.

Source