According to QCP Capital analysts, Bitcoin will keep rising until March 2024, when it reaches $50,000.
For the first time in over two years, Bitcoin has surged beyond $50,000. Some analysts predict this rising trend will last until March 2024. The decision was made in response to the remarkable daily inflows from Bitcoin spot ETFs, which totaled $500–650 million, or 10,000–13,000 BTC.
Analysts expect these inflows to continue as global liquidity shifts into spot ETFs, noting such tendencies. QCP Capital Analysts:
“With the likes of Fidelity announcing a 1-3% cryptocurrency allocation in their All-in-One conservative ETF, the crypto asset class is now front and center for mainstream investors.”
Analysts at QCP Capital note that there has been significant purchasing of BTC call options in addition to spot inflows. Approximately $10 million was paid this week for insurance payments covering 60,000–80,000 strikes that expire between April and December.
“On the back of these flows, BTC can easily break all-time highs by the end of March”
For the first time since December 2021, the price of Bitcoin surpassed $50,000 at the start of this week. On February 14, BTC then exceeded the $52,000 mark, according per CoinMarketCap data.
