It may be less than a month till the big Bitcoin breakout, predicts QCPCapital.
Bitcoin price has been ranging between $26,000 and $31,000 since mid-March, but analysts are increasingly calling time on the sideways action.This, it argues, is thanks to the United States“sideshow” vanishing, leaving Bitcoin closely mimicking its consolidation and breakout phase from 2020.
Then, the Federal Reserve unleashed a giant $4 trillion of liquidity, buoying risk assets and ultimately sending Bitcoin to new all-time highs. Should the relationship continue to play out, the next phase is obvious — a dramatic exit of the trading range, with QCP positioning long options plays.
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