QCP Capital: Bitcoin May Find Strong Support at $54,000, Medium-Term Bullish Signals Persist in Options Market

According to the latest analysis from QCP Capital, Bitcoin may find robust support at the $54,000 level, even as historical trends suggest potential declines in September. The analysis noted that Bitcoin has experienced a drop in six of the past seven years during September, with an average decline of 4.5%. If this pattern holds true, Bitcoin's price could fall to around $55,000 this year. However, QCP Capital anticipates that $54,000, a level that provided strong support in July and helped Bitcoin reach $70,000, may once again act as a significant floor for the cryptocurrency.The report also highlighted that upcoming economic data, such as the U.S. unemployment claims on September 5 and the non-farm payrolls report on September 6, may not significantly impact cryptocurrency prices. This observation stems from a recent trend where macroeconomic data has had a diminished effect on the crypto market.Despite the potential short-term downturn, QCP Capital observed medium-term bullish signals in the Bitcoin options market. The volatility curve is expected to steepen further, and more long option positions are being rolled over to March 2025. Notably, Bitcoin call options with a March 28, 2025 expiration date and a $120,000 strike price saw an increase of 200 contracts today, bringing the open interest to 2,100 contracts. This activity suggests that investors remain optimistic about Bitcoin's medium-term outlook.