The latest analysis by QCP Capital pointed out that by analyzing the historical performance of Bitcoin in September, it found that there have been declines in six of the past seven years, with an average decline of 4.5%. If this pattern is repeated this year, the price of Bitcoin could fall to around $55,000. However, analysts expect $54,000 to be a strong support level, which had successfully supported the price and helped push Bitcoin to $70,000 in July.
The report also mentions that this week's unemployment claims data (September 5) and non-farm payrolls report (September 6) may not have a significant impact on cryptocurrency prices, as the impact of recent macroeconomic data on cryptocurrencies has weakened. Despite the short-term market downturn, QCP observed that the options market is still showing medium-term bullish signals. The volatility curve is expected to steepen further, while more long option positions are rolled over to March next year. Bitcoin call-over options expiring March 28, 2025 at $120,000 added 200 contracts today, bringing the number of unpositioned squarings to 2,100, indicating that investors remain optimistic about the medium-term outlook.
QCP Capital: Bitcoin at $54,000 or Strong Support, Options Market Still Shows Medium-Term Bullish Signals
2024-09-02 10:55:46
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