Singapore-based QCP Capital has suggested that bitcoin may surpass its previous all-time high of $73,794 this month by crossing the $74,000 mark. QCP Capital based this prediction on the signals they observed from bitcoin call options with June expiries. Several market observers also hold a positive outlook on bitcoin's prices for June. QCP Capital's trading desk has noticed a strong bullish trend with significant call buying for June expiries, indicating a potential move past the $74,000 level. While ethereum is currently lagging, QCP expects it to catch up and possibly outperform bitcoin when ethereum spot exchange-traded funds begin trading.
If bitcoin's price can break out of its current pattern, the target price could reach $110,000, according to Cory Mitchell, an analyst at Trading.biz. Mitchell explains that after reaching an all-time high in March, bitcoin's price experienced a 23% decline before starting to move up again and forming a rounded bottom pattern over the past 1.5 months. Rounded bottoms can lead to explosive patterns when they occur during an overall uptrend or after a prolonged downtrend. The final phase of this pattern is to push higher after a slight pullback, and if the price can gain traction above $70,000, it is likely to break out to new highs. Based on past rallies in bitcoin, Mitchell estimates a target price near $110,000.
Neil Roarty, an analyst at Stocklytics, also expects bitcoin to approach a new all-time high. Roarty attributes the bullish sentiment to the introduction of Bitcoin ETFs in the US, which have attracted institutional investors to the cryptocurrency. On Tuesday, Bitcoin ETFs accounted for $880 million in Bitcoin inflows, suggesting increasing demand. However, Roarty emphasizes that the key question is whether these institutional investors will remain bullish, which will depend on interest rates. If interest rates are cut, the strong returns that bitcoin has been delivering could become even more appealing compared to traditional and potentially safer investments.
In conclusion, QCP Capital, analysts at Trading.biz, and Stocklytics all foresee positive price movements for bitcoin in June. The introduction of Bitcoin ETFs and increasing institutional interest are seen as factors contributing to this bullish sentiment. However, the unpredictable nature of bitcoin means that the market could still experience unexpected fluctuations.