On November 15th, QCP Capital posted on the official channel that, given the strong upward trend of Bitcoin since the US election, it believes that the target price of $100,000 to $120,000 may not be far away. As the market prepares for the next rally, it is important to pay attention to the following trends and risk factors: · Implied volatility has been falling as many large players prepare for it and sell calls on the upside. With each new high, the trading desk observes that the market is selling calls and buying puts to hedge downside risk. · The market is still highly leveraged, especially in counterfeit products, with a lot of leverage pushing the perpetual funding rate (1 year) up to 50-100%. So especially for counterfeit products, the risk of deleveraging can be considerable. QCP Capital believes that the underlying strength of BTC represents a systemic shift in the market in anticipation of Trump's return to the White House. His idea of activating strategic BTC reserves and rotating from gold to BTC provides a strong bullish view that could keep the price of BTC supported.