The Bitcoin Price Surge Could Touch $115,000 By Christmas
Bitcoin hit a new all-time high, trading as low as $99,500 intraday on Friday before retreating slightly. As of now, the price of the cryptocurrency is $98,675.
With trading activity intensifying as the market is expected to breach the psychological level of $100,000, digital asset research firm 10X Research predicts that Bitcoin could climb to $115,000 by Christmas.
Why Bitcoin could hit $115,000 soon
in its new Report10X research findings The BTC market has become Abundant liquidity over the past few weeks has been a key factor in pushing Bitcoin towards the expected $115,000 mark.
Stablecoin Issuer Tether minted $10 billion in the past month. Additionally, Circle added $3 billion during the same period, driving market momentum. This has led to a corresponding increase in stablecoin traffic to cryptocurrency exchanges over the past month. on November 21st postal Leon Waidmann, director of research at the Onchain Foundation, confirmed this on X.
“30-day stablecoin inflows to exchanges hit $9.7B! Largest monthly inflow ever. Stablecoin liquidity is back. Speculative demand continues to surge,” he said.
The surge in stablecoin inflows into cryptocurrency exchanges is a bullish sign. This influx often results in increased buying pressure, driving the value of the crypto asset higher.
“This huge wave of liquidity is reflected in increased trading volume, with daily spot trading volume continuing to exceed $200 billion. Cryptocurrency market capitalization has surged to over $3.2 trillion, equivalent to the size of the UK stock market.” 10X Research writes road.
Trader Activity on BlackRock Bitcoin ETF (IBIT) The options market is another Its price could climb to $115,000 before Christmas. 10X Research found that as of Nov. 22, the ratio of call options to puts on IBIT was 5.5 to 1, up from 3.8 on Thursday. Call option buyers are also targeting strike prices in the 110-120% range, indicating they expect Bitcoin prices to rise It will soon exceed $100,000.
“Call option buyers are eyeing strike prices in the 110-120% range, suggesting they don’t expect Bitcoin to reach the psychological $100,000 level anytime soon. Conversely, options activity for the December expiry suggests expectations are that Bitcoin will reach $100,000 in the near term. Rising to $105,000 or even $115,000 before Christmas, with the latter having the highest open interest,” the report noted.
BTC Price Prediction: Now It All Depends on the Buyers
The research firm said, “This dynamic could trigger a minor gamma squeeze, causing Bitcoin’s price to trend towards these levels. Therefore, $100,000 may be just another checkpoint on Bitcoin’s upward trajectory.”
BTC is currently trading at $98,675. Continued buying momentum could push the coin back to its all-time high of $99,500 and possibly higher. Establishing this level as support could pave the way for a surge to $100,000 and beyond.
On the other hand, if buying pressure subsides, BTC’s price could plummet to $88,816, which is the next major support level. This would invalidate the bullish outlook mentioned above.
Disclaimer
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