This Friday, Everything Could Change for Bitcoin - Here's Why

A decisive turning point is approaching for Bitcoin, and it promises to shake the entire crypto market. With impressive BTC options worth $13.6 billion set to expire, volatility is at its peak. This expiration, scheduled for November 29, becomes a potential lever for bulls aiming to lift the price of the flagship cryptocurrency beyond the mythical $100,000 mark.

Bulls Have a Card to Play with Bitcoin

The Bitcoin news: the expiration of BTC options this month is one of the biggest events of 2024. With a total amount of $13.6 billion, call options lead put options with an open interest of $7.4 billion against $6.2 billion. This superiority, although less than usual, offers a unique opportunity for optimistic investors.

https://twitter.com/kyle_chasse/status/1862149943806357883

For call options to prevail, several scenarios are conceivable depending on the closing price:

• Between $86,000 and $90,000: a net gain of $1.65 billion for call options;
• Between $90,000 and $94,000: $2.6 billion in favor of buyers;
• Between $94,000 and $98,000: an advantage of $3.55 billion;
• Between $98,000 and $102,000: $4.58 billion for the bulls.

Faced with this pressure, bears will need to struggle to keep BTC below $90,000. But the resilience of the asset, showing a 34% increase over 30 days, tips the balance in favor of the bulls.

Can BTC Price Reach $100,000?

The stakes of BTC options go beyond simple speculation. As investors flee risky assets due to macroeconomic uncertainties, Bitcoin holds its ground. Recent days have seen a 5% rebound, consolidating confidence in this flagship crypto asset.

However, reaching $100,000 will depend on other key factors:

• 20% of the call options, or $4.25 billion, target this value;
• Put options beyond $100,000 represent less than 2% and are almost useless, capped at $80 million;
• Macroeconomic pressure, combined with inflationary signals, could bolster BTC’s position as a safe haven.

As Barclays reminds us: ” Price uncertainties naturally encourage the postponement of investments. ”

A context that could benefit Bitcoin, ready to surpass its historical resistances.

Earlier this month, our colleague reported the expiration of 28,000 Bitcoin options, with a total value of $2 billion. Increased volatility resulted from this. The rest is known: a few days later, the price of BTC surged, confirming once again the unpredictable yet captivating nature of this crypto asset.