• Thu. Jul 18th, 2024

When Will the Bitcoin Bull Run Begin? It Won’t Happen Until September 2024

Phillip Bryant

ByPhillip Bryant

Jun 22, 2024
When Will the Bitcoin Bull Run Begin? It Won’t Happen Until September 2024
  • The price of Bitcoin is expected to stay limited for the next couple of months, with consolidation ending during the summer.
  • In spite of the prevailing negative sentiment, there is a notable surge in the purchase of call options from September to December.
  • Bitcoin miners’ holdings have reached their lowest point in 14 years due to the significant costs they face after the halving event.

According to the most recent analysis conducted by QCP Capital, Bitcoin’s price consolidation is anticipated to continue for the next two months. On the other hand, the subsequent bullish surge will likely start in September 2024. At the present moment, Bitcoin’s price is $64,362, a slight decrease of 0.4% from its previous level. Its market value is 1.26 trillion dollars.

Bitcoin Price Limited in the Short Term

The most recent analysis conducted by QCP Capital indicates that the price of Bitcoin continues to exhibit limited movement in the short term. A considerable amount of selling activity has been observed within the Bitcoin call options scheduled to expire the following month.

QCP Capital, on the other hand, forecasts that market sentiment will significantly increase by the time the year comes to a close. Despite the prevalent pessimism, there has been a significant increase in the purchase of call options from September to December. This unequivocally demonstrates the expectation of a consolidation during the summer, which will be followed by significant market shifts during the elections in the United States.

The report also mentions that miners have encountered significant difficulties selling their products due to the increased costs associated with the recent halving of the Bitcoin supply. It is anticipated that the ongoing selling pressure will continue, further delaying any potential recovery in the price of Bitcoin.

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The miner’s Bitcoin holdings have reached their lowest point in fourteen years due to recent selling activity. Since the beginning of the year, the total reserves have been decreasing by more than 5,000 BTC.

In addition, the market has been thrown into disarray by the news that the German government has recently increased the amount of supply, which has caused investors to feel uncertain. The German government successfully sold more than three thousand bitcoins earlier this week, and they plan to sell an additional forty-seven thousand bitcoins in the near future.

Last but not least, it is essential to point out that the exchange-traded fund (ETF) market has been experiencing a steady decline, with spot Bitcoin ETFs alone recording a staggering $500 million in sales in the previous week. Institutional players are hesitant, eagerly anticipating a shift in Bitcoin’s direction, which indicates a need for more confidence on their part.

Exciting Progress Made This Week

In addition, QCP Capital also mentioned numerous favorable advancements that have contributed to a positive outlook for BTC this week. One of the main factors to consider is MicroStrategy’s recent acquisition of 11,931 BTC, which is worth an impressive $800 million.

However, BitMEX CEO Arthur Hayes has also expressed a positive macroeconomic outlook, detailing how the ongoing Japanese banking crisis could spark a significant surge in BTC prices.

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Phillip Bryant

Phillip Bryant

Phillip Bryant, an esteemed writer in the financial field, imparts his extensive knowledge of currency markets to the readers of Main Crypto News. With a wealth of experience in international finance and a keen sense of market trends, Bryant offers timely and perceptive analysis of foreign exchange, keeping readers well-informed.

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