Bitcoin Bounces Back: Analyst Predicts New ATH After $2.5 Billion Options Expiry

The post Bitcoin Bounces Back: Analyst Predicts New ATH After $2.5 Billion Options Expiry appeared first on Coinpedia Fintech News

Bitcoin experienced its largest price drop of the year on Monday, falling 30% amidst a global market downturn. This decline was triggered due to the economic policy changes in Japan, which triggered the market sell-off, leading to significant losses across various assets.

Here’s everything you should know!

Grabbing Eyeballs Around the World

Despite this major drop, Bitcoin has made a sharp recovery, attracting attention from both crypto enthusiasts and analysts. Michael van de Poppe, a well-known analyst, suggests that Bitcoin is undergoing a “V-Shape recovery,” which means a quick and strong rebound after a big fall.

#Bitcoin did provide a V-Shape recovery, through which this correction and crash due to Jump Trading selling crypto assets is comparable to COVID-19 –> A Black Swan.

As long as Bitcoin holds above $57,500, I think we’re in for a new ATH in September/October. pic.twitter.com/9evOPEa3RB

— Michaël van de Poppe (@CryptoMichNL) August 9, 2024

Currently, Bitcoin is trading positively at around $60,427, showing a 5.27% increase and a market cap of $1.19 trillion. Van de Poppe’s analysis of Bitcoin’s swift recovery is notable, drawing parallels to past market events like the COVID-19 pandemic’s “Black Swan” moment. This comparison highlights Bitcoin’s resilience and potential for future growth.

Future Predictions for Bitcoin

Van de Poppe predicts that Bitcoin could reach a new all-time high (ATH) by September or October, as long as it stays above $57,500. This forecast suggests that Bitcoin’s fundamental strength is still strong, pointing to potential growth opportunities for investors soon.

Aug. 9 Options Data
32,000 BTC options are about to expire with a Put Call Ratio of 0.71, a Maxpain point of $60,000 and a notional value of $1.9 billion.
206,000 ETH options are about to expire with a Put Call Ratio of 0.96, Maxpain point of $2,950 and notional value of $560… pic.twitter.com/soKryrB4Hw

— Greeks.live (@GreeksLive) August 9, 2024

On Friday, August 9, about 32,000 Bitcoin options contracts, worth around $1.9 billion, will expire. This expiration is expected to have a smaller impact on spot markets compared to the previous week. The put/call ratio of 0.71 shows that more call contracts are expiring than puts, with the max pain point at $60,000.

In addition, 206,000 Ethereum options contracts, valued at $560 million, will also expire. These Ethereum options have a put/call ratio of 0.96 and a max pain point of $2,950, which is significantly higher than current spot prices.

The total value of these expiring crypto options is $2.5 billion, contributing to increased market volatility.

Bitcoin’s roller coaster continues, with analysts betting on a bullish future. Will it reach new heights or face another drop? Only time will tell.

The post Bitcoin Bounces Back: Analyst Predicts New ATH After $2.5 Billion Options Expiry appeared first on Coinpedia.org.