Famous Analysis Company Announces the Event That Could Drive Bitcoin Higher and Its Expectations!

After reaching new all-time highs in March, the price of Bitcoin has mostly remained between $58,000 and $70,000.

However, BTC briefly dipped below $50,000 during the sharp correction experienced by global markets at the beginning of August.

After this correction, stocks rallied, but this rally was not reflected in Bitcoin and cryptocurrencies. However, Singapore-based trading firm QCP Capital suggested that the increasing risk-taking sentiment could increase Bitcoin prices.

QCP Capital shared its daily analysis on the official Telegram channel regarding the current stock rally and Bitcoin expectations.

The equity rally is being driven by momentum traders re-leveraging in a lower liquidity environment and an increase in institutional stock buybacks, according to QCP Capital.

Analysts stated that the re-leveraging and the resulting risk appetite that triggered the stock rally could also spread to BTC and gold, and argued that this risk-taking sentiment could increase the Bitcoin price.

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Corporate stock buybacks have surged to $1.15 trillion this year. Goldman Sachs’ trading unit has seen record client demand for write-downs.

The risk-on sentiment in stocks could spill over into crypto and gold, which could push BTC higher as there is strong demand for higher-end calls.

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Additionally, QCP Capital analysts noted that the upcoming US elections have created bullish sentiment in the market.

“Considering all these factors, QCP Capital recommends a defensive, limited downside strategy for the third quarter that aims to minimize risks associated with market volatility and election uncertainties,” the analysts concluded.

*This is not investment advice.

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Source: https://en.bitcoinsistemi.com/famous-analysis-company-announces-the-event-that-could-drive-bitcoin-higher-and-its-expectations/