QCP Capital, a prominent institutional-focused firm, has recently that Bitcoin could revisit its peak price levels, potentially reaching up to $74,000 shortly.
This prediction follows the latest United States Consumer Price Index (CPI) data, which has significantly boosted risk assets.
The firm noted that the positive surge in the market is partly due to the renewed buy-side demand, as evidenced by the buying patterns that resemble those of Exchange-Traded Fund (ETF) market makers.
Institutional Inflows And Market Indicators Point To A Bitcoin Bullish Trend
In a detailed analysis shared through their Telegram channel, QCP Broadcast, the firm stated: “We expect bullish momentum here that could take us back to the highs of 74k.”
Substantial institutional interest in Bitcoin supports this sentiment, as large asset managers like Millennium and Schonfeld have allocated about 3% and 2% of their Assets Under Management (AUM), respectively, to spot BTC ETFs.
The optimism surrounding Bitcoin is not just theoretical but backed by significant market activity. For instance, inflows into spot Bitcoin ETFs in the US reached a of $303 million as of May 15th, signaling a robust renewal of institutional confidence.
Fidelity’s FBTC fund led this influx with $131 million, followed by Bitwise’s BITB fund, which saw $86 million, marking its highest since early March. Grayscale’s GBTC, which had experienced outflows for four months, reversed this trend with a $27 million inflow.
Yesterday, May 15, the total net inflow of Bitcoin spot ETFs was $303 million. Grayscale ETF GBTC had a single-day net inflow of $27.0466 million, Fidelity ETF FBTC had an inflow of $131 million, and Bitwise ETF BITB had an inflow of $86.2578 million.
— Wu Blockchain (@WuBlockchain)
Further underlining this bullish sentiment, Millennium Management holds a roughly $2 billion Bitcoin ETF portfolio, making it the largest holder of specific Bitcoin ETFs like BlackRock’s IBIT and Fidelity’s FBTC.
Other hedge funds, including Paul Singer’s Elliott Capital and Apollo Management Holdings, have also disclosed significant holdings in Bitcoin ETFs, showcasing the growing institutional interest in Bitcoin.
Market Performance And Future Outlook
Bitcoin’s market performance has been quite notable. It has increased nearly 10% over the past week, including a 2.7% rise in the last 24 hours alone.
BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on
QCP Capital attributes this trend to several factors, including significant “sovereign and institutional adoption, easing inflation concerns, and the upcoming US elections,” all of which contribute to a favorable market outlook.
The positive sentiment is also partly due to the CPI data released on May 15th, which met expectations and eased concerns about inflation.
This is crucial as lower inflation rates influence the Federal Reserve’s decisions on interest rates, making riskier assets like Bitcoin more attractive to investors seeking higher yields.
James Coutts, Chief Crypto Analyst at Realvision, also cited the Global Money Supply (M2) index as a critical indicator of Bitcoin’s price movements.
According to Coutts, the M2 money aggregates, which include cash and checking deposits and are easily convertible near money, are central to understanding liquidity flows within the global financial system.
He noted, “The money stock often moves in one direction, with significant drops like those seen in 2022 being rare and typically brief.”
Coutts predicts that any significant break above Bitcoin’s all-time highs could pave the way for it to reach around $150,000 in this cycle. He remarked, “Watch the 101/102 level on DXY. If that breaks, then we should see ~$150k BTC this cycle,” emphasizing the interplay between liquidity and market cycles.
Featured image from Unsplash, Chart from TradingView
Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.
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Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.
Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.
When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)
Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.
In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.
Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”
PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.
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