QCP Capital: Three reasons why BTC may rise to $150,000 by the end of the year

Author: William Suberg, CoinTelegraph; Compiler: Tao Zhu, Golden Finance

New analysis says Bitcoin's drop to multi-day lows is unrelated to the broader Bitcoin price uptrend.

In its latest market commentary sent to Telegram channel subscribers on May 28, QCP Capital refuted recent "supply anxiety."

QCP Capital: BTC price drop is a "small episode" in the uptrend

QCP Capital believes that Bitcoin bulls have little to worry about BTC's rise.

The movement of Bitcoin in the wallets of the defunct exchange Mt. Gox caused the price of Bitcoin to fall by 2% overnight, but this is not enough to make us rethink the market trend.

“This morning, the movement of Bitcoin in Mt. Gox’s cold wallets triggered a sell-off below $68,000,” the analysts wrote.

“However, these supply anxieties are likely to be a blip in a broader year-end uptrend.”

QCP highlighted what it calls “three bullish reasons” to maintain confidence in Bitcoin’s future robustness.

These focus on the strong performance of the U.S. stock market that has spilled over into cryptocurrencies, political endorsements of U.S. presidential candidates, and the upcoming launch of a spot Ethereum exchange-traded fund.

It argues: “Cryptocurrencies have enjoyed unprecedented political support in the U.S. (the passage of a bill that provides regulatory clarity for digital currencies, the SEC’s positive shift toward an Ethereum spot ETF, and Trump’s support for cryptocurrencies).

All three reasons for optimism are in their early stages, with U.S. regulators unexpectedly approving an Ethereum ETF earlier this month, but the ETF has yet to officially begin trading.

Bitcoin ‘flies a bullish flag’

QCP isn’t the only firm that sees a bright future for BTC prices in the second half of 2024.

Financial research firm Fundstrat Global Advisors is one of the most bullish corporate entities on Bitcoin this year, predicting a price of $150,000 per Bitcoin by the end of the year.

Meanwhile, individual traders believe that the rally will accelerate in June, with one trader saying that a new all-time high of $95,000 should be set in June.

“Despite the large amount of Bitcoin moved from Mt. Gox, Bitcoin is still holding a bullish flag,” continued Jelle, another popular trader, regarding the day’s short-term trend.

“The market is range-bound, but could quickly turn outright bullish if BTC breaks above $70,000 again.”

Bitcoin/USD chart. Source: Jelle/X

The accompanying chart shows that potential impulsive moves could occur at the end of a consolidation period.