Bitcoin’s Upward Trend Expected to Continue Through March 2024
According to analysts at QCP Capital, Bitcoin (BTC) is expected to continue its upward trend through March 2024, following its recent breakthrough above the $50,000 level for the first time in over two years.
This surge in price can be attributed to significant inflows from BTC spot ETFs, with approximately $500-650 million per day being invested, resulting in the purchase of 10,000-13,000 BTC daily.
Analysts predict that these inflows will persist as global liquidity flows into spot ETFs. Furthermore, there has been a substantial increase in buying BTC call options, with around $10 million spent on insurance premiums for strikes ranging from April to December.
With such strong market activity, QCP Capital analysts anticipate that BTC will easily surpass its all-time highs by the end of March.
Bitcoin Breaks $50,000 Mark
Bitcoin’s price reached over $50,000 for the first time since December 2021 earlier this week. CoinMarketCap data shows that on February 14th, BTC broke through the $52,000 level.
Conclusion
The recent breakthrough of Bitcoin above $50,000 and subsequent rise in price has sparked optimism among analysts at QCP Capital. They believe that BTC’s upward trend will continue through March 2024 due to significant inflows from BTC spot ETFs and increased buying of BTC call options. These trends indicate growing interest and investment in the crypto asset class by mainstream investors. As Bitcoin continues to break records and gain traction in the market, it is poised to reach new all-time highs by the end of March.
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