As a seasoned researcher who has followed the cryptocurrency market for over a decade, I must say that the current Bitcoin rally is nothing short of remarkable. The recent options expiry on Nov. 22 might have caused some short-term turbulence, but it’s clear that Bitcoin is marching steadily towards its next milestone – $100,000.
Despite worries among investors regarding the potential for a price drop due to Friday’s large options expiration worth approximately $2.7 billion, Bitcoin continues its path towards reaching $100,000. The expiration event momentarily posed a threat, suggesting a possible fall below the $85,000 level.
2.67 billion dollars’ worth of Bitcoin (BTC) options expired on November 22 at 8:00 am UTC, as per a November 21 post from Deribit exchange, with the “max pain” point set at around $85,000.
At 7:30 am UTC, Bitcoin reached a record peak of $99,523 – about half an hour before the expiration of options. However, shortly after this, its value began to decrease and is now at $97,805 according to CryptoMoon’s data.
Regarding the temporary dip, Blake Player, head of growth at VALR, believes that the expiration of the 2.6 billion USD worth of Bitcoin options won’t significantly hinder Bitcoin’s ongoing upward trend in its value.
He told CryptoMoon:
“Options expiring reflects a reduction in open interest and correspondingly leverage in the market. I don’t expect this to have a significant impact on price as those looking to stay long or short are able to purchase new options or take out positions elsewhere.”
Reducing borrowing in cryptocurrency markets might actually be beneficial for Bitcoin’s surge. On November 12th, Kris Marszalek, the co-founder and CEO of Crypto.com, cautioned that the crypto market must undergo deleveraging before Bitcoin can reach $100,000.
Bitcoin is inching toward $100,000, bolstered by over $1 billion ETF inflows
On November 22nd, the amount of stablecoins transferred to cryptocurrency exchanges hit an all-time monthly peak of more than $9.7 billion, offering yet another encouraging sign regarding the potential growth trend of Bitcoin’s value as we approach 2025.
More and more analysts predict that Bitcoin will surpass its previous record of $100,000, with this potential milestone happening possibly as early as November’s end, as suggested by Ryan Lee, the head analyst at Bitget Research.
Investments flowing into U.S. Bitcoin exchange-traded funds (ETFs) are helping drive Bitcoin’s prices to record peaks.
On November 21st, there was a record inflow of more than a billion dollars into Bitcoin ETFs, making it the third-highest daily inflow for that month, according to data from Farside Investors.
According to Szymon Sypniewicz, the co-founder and CEO of Ramp Network, it’s anticipated that Bitcoin will eventually hit $110,000 in the future; however, predicting the exact timing for its next major surge is challenging.
He told CryptoMoon:
“While reaching $110,000 for Bitcoin seems inevitable at some point, it’s uncertain whether it will happen before the end of the year, as we can expect the market to experience some ups and downs along the way.”
Currently, Bitcoin is setting new records in its upward trajectory. On November 22nd, the price of a single Bitcoin reached an all-time monthly high of over 40%, surpassing $99,000, as there are still eight more days left in November – a month that traditionally brings significant returns for Bitcoin investors.
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2024-11-22 17:43