Bitcoin Set to Surge Past $100K in 7 Days as BlackRock’s Bitcoin ETF Options Go Live
Bitcoin has Just broke above $92,300, Many are beginning to think prices may soon surge even higher. Some experts believe that Bitcoin may be just days away from hitting $100,000. A big reason for this excitement is BlackRock’s recent launch of Bitcoin ETF options, which have created a buzz in the market. But what’s driving Bitcoin’s surge? How close are we to Bitcoin hitting the $100,000 milestone?
BlackRock pushes Bitcoin to $100,000
BlackRock, a major player in the financial world, recently launched Bitcoin ETF Options. The move has been widely discussed in the cryptocurrency community, especially after the product’s huge success on day one.
According to reports, 73,000 options contracts were traded in the first hour alone, placing BlackRock’s product among the top 20 most active non-index options.
While options themselves do not directly affect the price of Bitcoin, they can influence the behavior of the market. The growing popularity of BlackRock’s Bitcoin products has drawn more attention to the cryptocurrency, especially among institutional investors. This could lead to a surge in new players, pushing up the price of Bitcoin.
Well-known investor Kevin O’Leary said in an interview with CNBC that Bitcoin will surge to over $100,000 before the holidays with little resistance in the future. As Bitcoin continues to gain institutional adoption, the cryptocurrency looks set to break new records soon.
A short squeeze is possible in the future!
As Bitcoin approaches new all-time highs, there is speculation that a short squeeze could occur if the price reaches $100,000. A short squeeze occurs when investors who are short Bitcoin (short) are forced to buy back the cryptocurrency to cover their positions, pushing the price higher.
According to data coin glass, If Bitcoin reaches the $100,000 milestone, $5 billion worth of Bitcoin shorts may be liquidated. This could set off a chain reaction that could cause Bitcoin prices to surge.
Altcoins will explode too
The price of Bitcoin is expected to soar soon, with experts predicting it could hit $100,000. Meanwhile, gold ETFs are losing ground to Bitcoin, which could push more money into the cryptocurrency space.
Altcoins such as Ethereum, Dogecoin, and Solana are also expected to follow in Bitcoin’s footsteps, potentially triggering a significant rally.
