The active formation of positions on call options with strikes from $60,000 to $80,000, as well as the rush demand for ETFs, can push Bitcoin to ATH as early as March. This is stated in the QCP Capital report.
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📈Options Vol-cast – 15 Feb 24
1/ #BTC has broken above the 50k level again after more than 2 years. This has been on the back of impressive inflows from the BTC spot #ETFs of about $500-650m a day, which works out to 10-13k BTC bought daily.
— QCP Capital (@QCPCapital) February 15, 2024
“This week alone, market participants spent about $10 million on bonuses,” – says the review.
On the presented below diagram The Block December Bitcoin options also have a strike price of $100,000.
Data: Deribit.
Of the upcoming expirations, the largest volume of open interest falls on calls with an exercise price of $60,000 and maturity at the end of March, the publication noted. According to Deribit, this figure is equivalent to 1,273 contracts (~$67 million).
Data: Deribit.
QCP Capital explained the dynamics of the options market and the breakthrough above $50,000 by increased demand for spot ETFs.
“We expect the trend to continue due to the flow of global liquidity into instruments. With companies like Fidelity allocating a 1-3% stake in a universally conservative digital gold ETF, this class of crypto assets will now be the focus of investors’ attention.” – the experts wrote.
Analysts have allowed the price of Bitcoin to rise to an all-time high next month.
Their colleagues at CryptoQuant share an optimistic view, but in the medium term. They indicated the $150,000 mark as a guideline. In their opinion, the only question is which of the two possible scenarios the market will give preference to.
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$BTC has two Paths. Both Lead to $150k
“I spent over 100 hours diving through on-chain data to find out. Here’s what I found…” – By @onchain_edge
Full post 👇 pic.twitter.com/UZBXneAtIt
— CryptoQuant.com (@cryptoquant_com) February 15, 2024
According to experts, the second scenario is more likely. This is indicated by the potential for the influx of “new money” and the absence of a maximum open interest in derivatives.
Experts called for patience, not to open shorts and not to use leverage.
This last tip is consistent with MicroStrategy’s Bitcoin strategy. The valuation of the company’s 190,000 BTC is close to $10 billion.
Data: BuyBitcoinWorldwide.
Let us recall that MicroStrategy founder Michael Saylor called investor demand for digital gold unsatisfied.
On February 12, early Bitcoin follower Tour Demester suggested that the first cryptocurrency would reach $600,000 by 2026.
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2024-02-16 06:19:53
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