Bitcoin, which dropped to the level of $ 60,700, showed a great recovery last night and exceeded $ 70,000 once again.
BTC, which was at $71,200 at the time of writing, increased by 4.6% in the last 24 hours. While this increase was affected by the fact that spot Bitcoin ETFs recorded net positive inflows after the strong outflows they experienced last week, a positive report came from QCP Capital.
At this point, QCP Capital analysts think that the rise in Bitcoin may continue. Because analysts said BTC may be preparing to break all-time highs and rise towards the psychological target of $ 100,000.
Analysts stated that Bitcoin's rise above $ 70,000 was due to the London Stock Exchange's announcement that it would launch ETNs for both Bitcoin and Ethereum (ETH) from May and the strong demand for BTC from asset managers.
QCP Capital recently said that unless there is a broader macro risk-off, the next rally for Bitcoin and crypto is inevitable.
“Bitcoin may be about to break all-time highs again and take another step towards the long-awaited $100,000 level.
With news that the London Stock Exchange will begin trading ETN for BTC and ETH in May, BTC rose above $70,000 overnight. There is definitely strong bullish momentum in BTC at this point.
Anecdotally, asset desks of major banks are seeing tremendous demand from clients for BTC spot ETFs. Asset managers also continue to add BTC allocations as 'portfolio diversifiers'.
“Absent a broader macro risk-off at this point, the next leg up seems inevitable at this point.”
*This is not investment advice.
