QCP Capital: BTC may still need to fluctuate in the current range, and will rise further if it breaks through $70,000

BlockBeats news, on September 30, QCP Capital posted on its official channel that at the end of the third quarter, both stocks and Bitcoin performed better than expected, breaking the sluggish routine in September. Bitcoin has risen more than 7% this month and is expected to record one of the strongest September performances ever. Entering October, global risk appetite remains strong, and Goldman Sachs' prime brokerage division shows that hedge funds bet three times more on rising IT stocks than on falling IT stocks.

QCP Capital believes that BTC may continue to fluctuate in the current range because historically, BTC has experienced a large number of profit-taking transactions at current levels. However, it still maintains a positive view on BTC's medium-term prospects and believes that a breakthrough of $70,000 may trigger further upward momentum.