Ramazan Eles 
According to the investment firm QCP, the outlook for Bitcoin bulls may have shifted in the medium term.
In a recent report shared by QCP, it was noted that there has been significant pressure on call spread purchases following the Jackson Hole symposium. Additionally, there has been a notable increase in call options selling, particularly for March 2025 contracts with a strike price of $100,000.
Has the $100,000 Bitcoin Target Been Delayed?
QCP analysts suggest that this trend indicates the market is still optimistic about a price surge, but it might not expect such movement to occur in the near term.
While Bitcoin and Ethereum prices have risen, their volatility suggests a stronger preference for put options over call options until October. This could imply that the market is well-prepared for a move in this direction and has started locking in profits by selling calls.
QCP stated, “Although prices have indeed moved upwards, volatility indicators reveal a sense of hesitation within the market. With front-end volatility declining, it seems likely that Bitcoin’s spot price will fluctuate between $62,000 and $67,000 in the short term.”
This week, Nvidia’s earnings report on Wednesday, August 28, and the U.S. PCE data on Friday, August 30, will be released. QCP has indicated that it does not expect any surprises from these upcoming data points.
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