Singapore-based cryptocurrency services company QCP shared a report evaluating the rise in Bitcoin. As it will be remembered, the company, which expressed expectations of a sharp rise in February, was right about this.

“We expect the rises to continue”

Sharing its new analyst report this morning, the company stated that the rise in cryptocurrencies is related to US inflation:

“US CPI numbers triggered a break out of the range across risk assets. BTC has since traded back above 66k. We expect bullish momentum here that could take us back to the highs of 74k. The desk saw sizeable buyers of 100-120k BTC Calls for Dec 2024 on this move higher in spot.

“We expect bullish momentum”

The company analysts also wrote that large asset managers and funds are now buying Bitcoin:

“Institutional demand for the BTC continues to grow with large asset managers Millennium and Schonfeld investing approximately 3% and 2% of their AUM into the BTC spot ETF. The stars seems to be aligning on this breakout with significant sovereign and institutional adoption, abating inflation and upcoming US elections.”