Deribit Exchange Expects Bitcoin To Rise 20% In The Next 30 Days, Targeting $80,000
March 05 2024 - 10:00PM
NEWSBTC
In a significant milestone for the cryptocurrency market, Bitcoin
(BTC), the largest digital asset, shattered its previous records,
surging past the $69,000 mark to establish a new all-time high
(ATH) of $69,300 on Tuesday. The achievement marked a
historic moment for BTC, which hadn’t reached such levels in over
two years. However, the crypto’s upward trajectory shows no signs
of slowing down, with experts predicting further price gains.
Bitcoin Price And ETFs In Perfect Harmony According to data from
Deribit, an options and futures crypto exchange and analytics firm
GenesisVol, BTC is anticipated to experience a potential increase
of up to 20.8% within the next 30 days. These projections
suggest that, under ideal circumstances, Bitcoin’s price could
break through the $80,000 barrier. Even conservative traders are
optimistic, expecting BTC to easily surpass $70,000 and reach
around $75,000. Related Reading: BREAKING: Bitcoin Price Soars To
New All-Time High Above $69,000 In addition, the recent approval of
spot Bitcoin exchange-traded funds (ETFs) has played a pivotal role
in Bitcoin’s success, suggesting that the upward trend in BTC
prices, coupled with bullish sentiment among options traders and
institutional and retail investors, is far from over. Bloomberg ETF
expert Eric Balchunas emphasized the significance of this
development, stating that it represents a crucial moment for both
Bitcoin and ETFs. Balchunas believes the surge from $25,000 to
$69,000 was largely driven by hopes of ETF approval and subsequent
flows. The expert claimed that the synergy between ETFs and
Bitcoin has proven mutually beneficial, as ETFs have enhanced
liquidity, affordability, convenience, and standardization for
investors. Notably, the ten-spot Bitcoin ETFs have amassed
over $50 billion in assets, with a staggering $8 billion generated
from flows and the rest attributed to the rising value of Bitcoin.
However, as Bitcoin reached its new peak, increased market
volatility led to a liquidation surge. Journalist Colin Wu reported
a sharp 5% drop in Bitcoin’s price within an hour, with Binance
recording below $65,000. During this hour, liquidations amounted to
a staggering $142 million. BTC Sell Signal Although bullish
investors are currently on cloud nine, renowned crypto analyst Ali
Martinez has sounded the alarm as the TD Sequential indicator
recently flashed a sell signal on the daily chart of Bitcoin. The
TD Sequential indicator, developed by market expert Tom DeMark,
utilizes price patterns and sequences to identify potential trend
reversals in various financial markets, including
cryptocurrencies. Related Reading: Shiba Inu Price Skyrockets
45%, Surges Past $0.000045: Here’s Why Martinez emphasized the
indicator’s notable track record in predicting Bitcoin’s price
movements since the beginning of the year. The TD Sequential
indicator issued a buy signal in early January, just before
Bitcoin’s price surged 34%. Conversely, a sell signal was
given in mid-February, followed by a 4.44% drop in the value of
BTC. So, considering the previous sell signals, a potential drop
towards the $62,000 price level could be in the making for the
largest cryptocurrency on the market, still holding the $60,000
support, which will be key for BTC’s prospects. Featured image from
Shutterstock, chart from TradingView.com
SHIBA INU (COIN:SHIBUSD)
Historical Stock Chart
From Jun 2024 to Jul 2024
SHIBA INU (COIN:SHIBUSD)
Historical Stock Chart
From Jul 2023 to Jul 2024