According to The Block, QCP Capital, a Singapore-based cryptocurrency trading company, stated in its report released today that the slowing inflation data, bullish sentiment in the market for risk assets, and continued institutional demand may drive the price of Bitcoin (BTC) to return to its historical high of $74,000 in the coming days.
After the release of the April Consumer Price Index (CPI) by the US Bureau of Labor Statistics, risk assets such as US stocks and cryptocurrencies have risen, causing Bitcoin to recover to $66,000 for the first time since April and record its largest single-day gain since March.
QCP traders stated:
“At the same time, analysts have also cited on-chain and exchange data to indicate that selling pressure on Bitcoin seems to have eased. Analysts at CryptoQuant shared in their report on Thursday:”
In addition, the US spot Bitcoin ETF recorded a net inflow of $302.97 million yesterday, the largest net inflow since May 3rd.
QCP Capital stated that the weakening of inflation, the planned launch of Bitcoin spot trading by the Chicago Mercantile Exchange (CME), significant adoption by sovereign nations and institutions, and the upcoming US election will all contribute to further upward movement of Bitcoin.
