The company stated in a recent note that they observed significant buyers purchasing 100,000 to 120,000 BTC options expiring in December 2024, indicating confidence in the upward movement of the cryptocurrency.

“US CPI numbers caused a broad range breakout in risk assets. BTC has since rallied above $66,000,” the company wrote.

The rise in spot prices coincided with increased institutional demand, with prominent asset managers Millennium and Schonfeld allocating approximately 3% and 2% of their assets under management (AUM) to BTC spot ETFs.

QCP Capital notes several factors that align positively for Bitcoin’s rise, including increased institutional and institutional investment, waning inflation concerns, and the upcoming US election.

These factors, along with the recent price movement, have led to speculation about the resumption of the bull market.

In light of this optimistic outlook, QCP Capital offers two trading ideas for investors looking to take advantage of a potential uptrend.

The first is the June Seagull strategy, which involves selling 60,000 Put options while simultaneously buying 70,000 Call options that have an 88,000 knock-out level.

This trade can be executed at zero cost, and if the BTC spot price approaches 88,000 at expiration, a maximum payout of $18,000 per BTC could be equivalent to a 249% annualized return.

The second trading idea offered by QCP Capital is the August March strategy. This requires selling 58,000 Put options and purchasing 70,000 Call options with a 100,000 knockout level.

Similar to June March, this trade can also be executed at zero cost. If the BTC spot price reaches almost 100,000 by expiration, investors could have a maximum payout of $30,000 per BTC, representing a potential 176% annualized return.

Galaxy Digital Founder Expects Bitcoin to Trade in a Narrow Range Despite QCP’s bullish trend, Michael Novogratz, founder of Galaxy Digital Holdings, a leading digital asset financial services company, expects Bitcoin to remain in a relatively narrow trading range in the current quarter.

As reported, he expects Bitcoin to remain in the approximately $55,000 to $75,000 range until certain market events or conditions push prices upward.

Novogratz talked about the positive developments in the fourth quarter of the previous year and the first quarter of this year.

“I think probably this quarter, maybe next quarter, that’s definitely where we are until either the Fed finally starts lowering interest rates because the economy is slowing down, or we get through the election, and I think the election will somehow bring clarity to the crypto regulatory landscape,” he said.

On the other hand, technical analyst Rekt Capital believes that Bitcoin has exited the “danger zone” after the halving and entered the accumulation phase, as the selling pressure has decreased.

“Post-Hallowing Bitcoin ‘Danger Zone’ is officially over,” the popular cryptocurrency trader wrote in a recent post.