Analysis reveals three bullish factors that could propel Bitcoin’s value higher following a significant drop to $68K.

Bitcoin (BTC) experiencing a drop in price to multi-day lows is insignificant compared to the overall upward trend, according to a new analysis. Trading firm QCP Capital, in its latest market commentary sent to Telegram channel subscribers on May 28, dismissed recent concerns of a decline in supply. QCP Capital argued that Bitcoin bulls have nothing to worry about regarding the BTC price uptrend. The movement of coins from wallets associated with defunct exchange Mt. Gox, which caused a 2% drop in the BTC price overnight, does not warrant a reassessment of the market trajectory, analysts stated. QCP Capital highlighted three bullish factors that support Bitcoin’s strength going forward. These factors include the strong performance of US stocks spilling over into the crypto market, political support from US presidential candidates, and the anticipated uptake of upcoming spot Ether exchange-traded funds (ETFs). QCP Capital noted that crypto is receiving unprecedented political support in the US, with the passing of a bill to provide regulatory clarity for digital currencies, positive actions by the SEC regarding the ETH spot ETF, and overt support from former President Trump, with President Biden likely to follow suit. All three reasons for optimism are still in their early stages, with Ether ETF trading yet to officially begin after receiving a surprise approval from US regulators earlier this month. QCP is not the only entity that sees a positive second half of 2024 for BTC price action. Financial research firm Fundstrat Global Advisors predicts that Bitcoin will reach $150,000 per coin by the end of the year. Individual traders also anticipate momentum picking up in June, with expectations of a new all-time high of $95,000. Despite the transfer of a large number of coins by Mt. Gox, Bitcoin is still holding strong in the short-term trend, according to popular trader Jelle. An accompanying chart suggests that there may be an impulsive move on the horizon as a consolidatory period comes to an end. This article does not provide investment advice or recommendations, and readers are advised to conduct their own research before making any decisions.