Bitcoin is expected to reach previous highs of $74,000, according to trading firm QCP Capital. The firm noted that significant buyers have been acquiring BTC Calls for December 2024, indicating confidence in the cryptocurrency’s upward movement. QCP Capital highlighted favorable factors such as increasing institutional adoption, reduced inflation concerns, and the upcoming US elections as reasons for the potential breakout. In response to this optimistic outlook, the firm presented two trade ideas for investors to capitalize on a potential bullish trend. Despite this positive view, Galaxy Digital founder Michael Novogratz expects Bitcoin to trade within a narrow range of $55,000 to $75,000 in the current quarter, unless specific market events or circumstances propel prices higher. On the other hand, technical analyst Rekt Capital believes Bitcoin has entered an accumulation phase, as indicated by weakening selling pressure.
