The Bitcoin price has posted five consecutive red daily candles since it stopped just short of its all-time high at $73,620 last Tuesday. As a result, the BTC price has fallen by around 7%. This decline is evident on the weekly chart, which shows a major bearish weekly candle \u2013 a gravestone doji.<\/p>\n
Chartered Market Technician (CMT) Aksel Kibar noted<\/a> via X, \u201cBTCUSD weekly candle can look similar to GOLD,\u201d and explained that it indicates a reversal is on the horizon. However, he added, \u201cIt is not dependable as an individual candle. Best to combine it with a following weak candle as a confirmation of trend reversal. [\u2026] The market narrative is that the bulls attempt to push to new highs over the session but the bears push the price action to near the open by the session close.<\/p>\n Despite this, Singapore-based crypto trading firm QCP Capital remains bullish in its latest investor note<\/a>, highlighting significant shifts in both political prediction markets and the BTC derivatives market.<\/p>\n According to QCP Capital, the odds on the decentralized prediction market Polymarket have \u201cmoved closer to actual poll estimates,\u201d with Vice President Kamala Harris and former President Donald Trump<\/a> \u201clocked in a tight race.\u201d While Polymarket<\/a> still favors Trump at 55%, this marks a decrease from 66% a week ago, indicating a narrowing margin that aligns more closely with mainstream polling data.<\/p>\n The firm also noted a cautious sentiment prevailing in the cryptocurrency market. The \u201csideways price action over the weekend\u201d and a decrease in leveraged perpetual futures positioning\u2014from $30 billion to $26 billion across exchanges\u2014suggest that traders are adopting a wait-and-see approach. This pullback may be due to uncertainties surrounding macroeconomic factors or the upcoming election.<\/p>\n Despite the current market hesitancy, QCP Capital sees potential for significant upward movement in Bitcoin\u2019s price. The firm questioned whether this is \u201cthe calm before a break from the multi-month range and push toward all-time highs.\u201d Supporting this outlook, QCP observed an increase in topside positioning with substantial buying of end-November $75,000 call options since last Friday. This surge in call options at that strike price suggests that traders are positioning for a substantial rally by the end of November.<\/p>\n Additionally, the firm highlighted increased activity in options tied to the election date. \u201cElection-date options positions are also rising,\u201d QCP noted, with Friday implied volatility exceeding 87%, even as realized volatility remains at 40%. The elevated implied volatility indicates that options traders are anticipating significant price swings around the election period.<\/p>\nBitcoin To Hit $75,000 By End Of November?<\/h2>\n