QCP Capital has projected that Bitcoin will return to its all-time high of $74,000 following a positive Consumer Price Index (CPI) report in the United States, which has spurred a surge in risk assets. The institutional-focused firm shared this bullish outlook in its Telegram channel, QCP Broadcast, citing robust buy-side demand as a key driver.

"We expect bullish momentum here that could take us back to the highs of 74k," QCP Capital announced, highlighting substantial buyer interest in December 2024 call options for Bitcoin, with trades ranging between 100,000 to 120,000 contracts.

The firm noted a significant increase in institutional demand for Bitcoin, evidenced by major asset managers such as Millennium Management and Schonfeld Strategic Advisors allocating approximately 3% and 2% of their assets under management (AUM) into Bitcoin spot ETFs, respectively. This trend underscores a growing confidence among large-scale investors in the cryptocurrency market.

According to a recent report by The Block, Millennium Management had invested nearly $2 billion in Bitcoin ETFs as of the first quarter of the financial year. Concurrently, U.S. spot Bitcoin ETFs saw a substantial daily net inflow of $302.97 million yesterday, marking the largest influx since May 3. This surge in investment precedes reports that the Chicago Mercantile Exchange Group is planning to introduce Bitcoin spot trading, further bolstering market optimism.

"The stars seem to be aligning on this breakout, with significant sovereign and institutional adoption, abating inflation, and upcoming U.S. elections," QCP Capital summarized, suggesting a confluence of factors that could drive Bitcoin prices higher.

Currently, Bitcoin is trading at $66,175, up by 6.53%, according to The Block's Bitcoin Price Page. This recent price action reflects the growing momentum and heightened interest from both retail and institutional investors, positioning Bitcoin for a potential rally to new record highs.