While a bad June month is behind Bitcoin, Singaporean crypto investment company QCP Capital expects a general rise in July.
At this point, QCP Capital, which stated in its report two days ago that July generally brought an increase for BTC according to historical data, announced its current predictions.
Stating that the options market is still in an upward trend despite the sales, QCP analysts said that this shows that the market is still expecting an increase by the end of the year.
Stating that the upward expectation coincides with option traders' purchases of $ 100,000-120,000 for the end of the year, analysts predicted that the third quarter would be stagnant due to the uncertainty in Mt.Gox.
“Following Fed Chairman Jerome Powell's statement that the US economy is on its deflationary path, the US stock market reached new highs.
However, the bullish momentum in the stock market has not been reflected in BTC and ETH and prices are hovering just above around $60,000 and $3,300.
Despite the spot selling, the options market is still heavily tilted in favor of the top, indicating that the market is still waiting for a year-end rally.
This aligns with his observation of significant buying interest in 100k-120k long-term options.
As we look ahead to the coming months, the market will move towards Mt. “We are forecasting a stagnant Q3 for BTC as we remain uncertain about supply resulting from Gox refunds.”
*This is not investment advice.
