Bitcoin Options Worth $9.4B Set to Expire as Market Experts Predict New Highs
Summary:
Bitcoin options worth over $9.4 billion are set to expire on Deribit's cryptocurrency exchange on March 29, with predictions of Bitcoin’s maximum discomfort price around $50,000. The price could adjust to $51,000 if inflows into spot Bitcoin exchange-traded funds slow, while the recent 17.5% correction from the all-time high suggests Bitcoin may be close to a local bottom. Despite the risks, experts propose that Bitcoin could hit new all-time highs if the previous high of $69,000 becomes a support level.
In excess of Bitcoin (BTC) options valued at $9.4 billion are poised to mature on the Deribit cryptocurrency trading platform on March 29. Some market experts are predicting that the peak discomfort price for Bitcoin may hover around $50,000. Over 134,000 BTC of unresolved interest is scheduled to stop trading on the Deribit platform at 8 a.m. UTC on Friday. This suggests a maximum discomfort price of $50,000, as per details revealed by Unfolded on March 27 via an X post. The maximum discomfort price is the point with the highest number of open Bitcoin options contracts, both puts and calls. At this point, the most option owners would face financial loss on expiry. Bitcoin's price might adjust towards $51,000 if the inflows into spot Bitcoin exchange-traded funds (ETFs) slow down, as suggested by Ki Young Ju, CryptoQuant CEO, in a March 22 X post. On March 25, the day Bitcoin reached its highest daily close of over $69,000 in a ten-day period, the negative outflows of the spot Bitcoin ETFs were countered with net flows amounting to over $15 million. The ten Bitcoin ETFs experienced a combined net influx of $418 million on March 26. Similar to previous retracements ahead of the halving, Bitcoin's price correction before halving transpired in accordance with historical trends, stated analyst Rekt Capital. They added that Bitcoin could progress towards recording new all-time high figures if the previous all-time high of $69,000 turns into a support. Bitfinex analysts, in a note shared with Cointelegraph, stated that the recent Bitcoin price correction, close to 17.5 percent from the all-time high of $73,666, indicates a probable local bottom formation. Cryptocurrency investors and traders should undertake extensive research before making any decisions, as each investment and transaction presents its own set of risks.
Published At
3/27/2024 7:41:27 PM
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