Cryptocurrency

Bitcoin

Arkham

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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-hits-new-high-of-66441" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Hits New High of $66,441</a><br></p>
<p style="text-align: justify">In a surprising turn of events, <a href="https://en.bitcoinhaber.net/jp-morgan-weighs-in-on-the-impact-of-new-spot-bitcoin-etfs" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a>‘s price surged to $66,441, marking an abrupt $700 increase. The sustainability of this rally remains uncertain. The rapid rise has diminished the window of opportunity for altcoins that had plummeted to their earlier valuations, reminiscent of when Bitcoin traded around $30,000. Investors who capitalized on the dip were rewarded with double-digit gains within hours.</p>
<h2 id="qcp-capital-s-market-insights">QCP Capital’s Market Insights</h2>
<p style="text-align: justify">QCP Capital analysts misread the macroeconomic landscape during the Federal Reserve’s decision week. The analysts had not foreseen the upward revision of <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">interest rate</a> forecasts by Fed members. Instead, they predicted a rise, disregarding the prolonged declines. Consequently, BTC plunged from $72,000 to below $65,000.</p>
<p style="text-align: justify">Shortly before Bitcoin’s price spike, QCP Capital’s market analysis highlighted several critical developments. They noted that BTC was maintaining its $65,000 level across cryptocurrency exchanges. Additionally, a wallet identified by Arkham as belonging to the German Police transferred 500 BTC to Bitstamp and Kraken, hinting at a potential sale. This wallet holds roughly 43,000 BTC, valued at $2.83 billion.</p>
<h2 id="cryptocurrency-market-outlook">Cryptocurrency Market Outlook</h2>
<p style="text-align: justify">The market also observed a net outflow of $714 million from BTC ETFs last week. An unusual buying spree in December and March 90-100k calls within the options market was noted, suggesting that the market may have bottomed out and is poised for a sustainable rally until 2025. QCP Capital recommended accumulating BTC at a discount during this consolidation period in anticipation of the next surge.</p>
<h2 id="key-takeaways">Key Takeaways</h2>
<p style="text-align: justify">– Investors who purchased during recent dips saw significant returns within hours.<br> – The market may have reached its bottom, signaling a potential long-term rally.<br> – Large BTC holdings, such as the German Police wallet, can significantly impact market movements.<br> – BTC ETF outflows and options market activity point to a bullish outlook.</p>
<p style="text-align: justify">In light of continued inflation, the Federal Reserve’s stringent three-year interest rate forecasts may become irrelevant. Despite recent inflation <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data</a>, Fed members might be maintaining this stance to ensure market deterrence. With other central banks like the ECB initiating rate cuts, the Fed could soften its approach as elections draw near. The first rate cut is anticipated in September, coinciding with the launch of ETH ETFs on exchanges in early July. This timeline supports a historically-backed bullish phase from August onwards, potentially extending into the latter half of the next year.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-hits-new-high-of-66441" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Hits New High of $66,441</a></h5>

Bitcoin Hits New High of $66,441

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