Bitcoin in a tough situation, but optimism persists: Analyst believes in rapid growth to $100k!

Bitcoin in a tough situation, but optimism persists: Analyst believes in rapid growth to $100k!

On Monday morning, Asian bitcoin and cryptocurrency markets started the day lower as investors eagerly awaited Fed Chairman Jerome Powell's speech and important unemployment data. The price of bitcoin fell to the $64,000 level, a partial reversal of the previous gains that crypto markets have seen over the past week.

Despite the current decline, however, Bitcoin is in its first uptrend in three weeks, the longest period of growth since February. Despite the price drop, investors are optimistic; according to Amberdata's analysis, the current situation is coupled with massive call option buying, suggesting a potential rally that could take Bitcoin to levels as high as $75,000 and above.

Greg Magadini, director of derivatives at Amberdata, noted in an interview with Coindesk that Bitcoin has risen more than 3% through Sept. 29, building on previous weekly gains exceeding 7%. He said investors buying options with an expiration price of $75,000 are dominating the market, creating room for future price gains.

"If the Bitcoin price surpasses $75,000, it could quickly move to $100,000," Magadini said. That price jump could be significant, especially considering that $100,000 is the level where the last investors are gathering in call options expiring in December 2024.

The analyst also noted that a dramatic break above $75,000 would signal a resumption of the broader uptrend that followed the lows below $30,000 in October 2023.

Finally, it is important to stress that while the market situation may seem challenging, investor optimism and options market activity could push Bitcoin back on the path to all-time highs.

*This is not investment advice.

Coingarage Team