Based on projections from QCP Capital, Bitcoin is poised to climb to $74,000 with the recent slowdown in inflation and growing institutional demand for the cryptocurrency.

A cryptocurrency trading company based in Singapore. QCP Capital QCP Capital's analysts noted the potential for a bullish trend that could target Bitcoin’s price returning to around $74,000. Their analysis revealed significant purchases of Bitcoin call options valued between $100,000 and $120,000 for December 2024, suggesting a robust investor appetite for this upward movement.

Additionally, the latest Consumer Price Index (CPI) report from the US released earlier this week showed a slight decrease in inflation for April, dropping from 3.5% to 3.4%. This development could influence the Federal Reserve's desire to implement interest rate reductions later this year. Consequently, the recent CPI figures have led to a breakout from previous ranges across various risk assets. Bitcoin The price of Bitcoin has recently recovered beyond the $66,000 threshold.

QCP Capital points out a growing trend for Bitcoin, highlighting major asset management companies like Millennium Management and Schonfeld, which have reportedly invested about 3% and 2% of their Assets Under Management (AUM) into Bitcoin spot ETFs. institutional demand As of the end of Q1 2024, Millennium Management is holding approximately $1.94 billion in spot Bitcoin ETFs, representing 3% of its total AUM of around $64 billion. The firm has diversified its investments among various products offered by ARK 21Shares, Bitwise, Grayscale, iShares, and others.

Moreover, the Wisconsin Investment Council has recently announced investments in Bitcoin ETFs totaling $163 million, with access to $156 billion in funds as of the end of 2023.

"Everything seems to be aligning for a breakout, thanks to substantial institutional and sovereign interest, decreasing inflation rates, and the forthcoming elections in the US. Could this signal the return of the bull market?\" the company remarked in its daily review. Fidelity Currently, Bitcoin is trading at $66,166, showing a 6.40% increase over the last 24 hours, based on data from CoinMarketCap. In this same period, the trading volume has surged over 57%, reaching $40.3 billion. The current market cap of the cryptocurrency stands at $1.29 trillion.

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Alisa, a committed journalist with Cryptocurrencylistings, focuses her reporting on cryptocurrencies, zero-knowledge proofs, investments, and the vast field of Web3. With her sharp insight into emerging trends and technologies, she provides extensive coverage to enlighten and engage her readers in the fast-evolving world of digital finance.