THELOGICALINDIAN - Bitcoin Traders Are Expecting More Upside Shows OptionDerivatives Flows
Even afterwards Bitcoin’s contempo rally, not all bazaar participants are assertive that a balderdash bazaar is here. Peter Schiff, the arch controlling of Euro Pacific Capital and a arresting gold bull, wrote beforehand this week:
According to an assay by a prop banker with a focus on cryptocurrency, buyers of options, though, are acutely bullish on Bitcoin and Ethereum.
Options are banking affairs that acquiesce the client to acquirement or advertise an asset at a specific amount at a specific time.
The banker wrote on options money flows, answer the acceptation of how puts are “relentlessly awash amid basically all maturities”:
Prominent Market Commentators Agree
Per Julien’s assay of BTC derivatives, a majority of traders assume to be bullish. Fortunately, arresting bazaar commentators agree.
Dan Morehead and Joey Krug — who arch the arch crypto armamentarium Pantera Capital — wrote the afterward animadversion in March. They accept that the added money press by axial banks will potentially addition Bitcoin accomplished $20,000 by the end of 2024 or in aboriginal 2024:
This optimism has been echoed by added bazaar commentators such as Mike McGlone, chief article analyst at Bloomberg Intelligence. He claimed that from a charting, on-chain, and axiological standpoint, BTC is assertive to move higher.
