Bitcoin’s Bullish Surge Ahead: Deribit Predicts Major Price Leap In Early 2024
02 Dicembre 2023 - 1:01AM
NEWSBTC
A recent analysis by Deribit, a leading derivatives exchange,
suggests a bullish sentiment for Bitcoin as we approach early 2024.
This optimism is rooted in the current Bitcoin put-call options
ratio, a critical option market metric. Related Reading: Bitcoin
Alert: $137 Million Moved By Long-Sleeping Whale, Market Braces For
Impact Deribit’s Insight: Bitcoin Calls Outpace Puts Signaling
Market Confidence Notably, options are financial instruments that
give traders the right, but not the obligation, to buy (call
options) or sell (put options) an underlying asset at a specified
price within a set time frame. The put-call ratio is used in
options trading to measure market sentiment. A put option signifies
a bet on the price of an asset falling, while a call option
represents a wager on its rise. A lower put-call ratio indicates
that more traders are betting on the asset’s price increasing
rather than decreasing. Deribit’s analysis shows an increasing
trend in the number of call options outstripping put options in
Bitcoin’s options market. Luuk Strijers, Chief Commercial Officer
at Deribit, highlighted that the put-call ratio for Bitcoin has
consistently hovered “between 0.4 and 0.5” throughout the year.
This trend is particularly noticeable for options expiring in March
and June 2024, suggesting that investors are increasingly using
call options to position for a potential appreciation in Bitcoin’s
value during this period. The put-call options ratio falling below
one is a bullish market indicator, as it shows that call volume, or
bets on the price increase, surpasses the put volume, which are
bets on the price decrease. According to Deribt, Bitcoin’s put-call
ratio currently stands at 0.42, as of today. A Surge In Crypto
Derivatives Activity Meanwhile, November has seen significant
activity in the crypto derivatives market, as noted by Strijers.
The Deribit executive attributes this increased market activity to
higher levels of “implied volatility (DVOL),” which have spurred
“opportunities and overall market volumes.” The expiration dates of
the upcoming options, especially the significant one on December
29, are expected to maintain the heightened interest and activity
in the market. With $5.7 billion in Bitcoin options and $2.7
billion in Ethereum options set to expire at the end of December,
the market is poised for notable movements. Bitcoin maintains its
upward momentum, advancing by 1.8% over the past 24 hours. With
Bitcoin currently trading at $38,344, the asset has sustained the
gains achieved at the close of the previous month. Related Reading:
Bitcoin On The Brink? Analyst Predicts Soaring Open Interest May
Signal 20% Price Correction Bitcoin’s trading volume significantly
reflects heightened market activity, suggesting ongoing buying
pressure. In just the last day, trading volumes have surged from
around $11 billion earlier in the week to over $21 billion, a
noteworthy indication of increasing investor engagement. Featured
image from Unsplash, Chart from TradingView
Grafico Azioni Ethereum (COIN:ETHUSD)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Ethereum (COIN:ETHUSD)
Storico
Da Lug 2023 a Lug 2024