The rise in Bitcoin and altcoins that started last weekend continues. At this point, despite the activity in Mt.Gox wallets during the week, BTC and the market remained resilient.
Analyzing Bitcoin's movements this week, QCP Capital analysts noted that BTC has returned to the familiar range of $61,000 to $71,000 where it traded for the entire 2nd quarter of this year.
QCP Capital states that the Bitcoin market is resilient despite the fluctuations in the price in recent days and predicts that the price may remain at current levels in the short term.
However, analysts stated that there is a strong upward expectation in the market before the US presidential elections.
Stating that institutional investors' expectation of $ 100,000 BTC for December is still strong, analysts said that this signals the confidence in the year-end rise as Donald Trump's chances of being elected increase.
“Price action this week has been quite resilient, especially as Mt. Gox payouts continue and stocks fall.
Permanent funding has stabilized, volatility is decreasing and Bitcoin is trading between $61,000 and $71,000; This is in the same range as the second quarter.
Spot prices may remain in the 61k-71k range in the short term, but there is a strong upward expectation in the market before the US elections.
“Despite low spot prices, institutional interest in $100,000 calls in December is high, signaling confidence in a year-end rally as Trump's electoral chances improve.”
*This is not investment advice.