Bitcoin BTC – along with other major cryptocurrencies including Ethereum and XRP – have surged this year on fears of “global war inflation.”
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The price of Bitcoin has more than doubled since the implosion of major crypto exchange FTX last year and is rising as expectations grow that the Federal Reserve could be on the verge of blowing up the market.
Now, as fears of a Bitcoin “carpet pull” emerge, historical Bitcoin price data from November suggests that the crypto market could soon be hit by a $300 billion earthquake.
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Last week, “October’s reputation as ‘Uptober’ solidified as Bitcoin saw a nearly 29% gain in value,” said Rachel Lin, managing director of Singapore-based derivatives business DEX SynFuture, in emailed comments.
“What’s even more interesting is that when we look at historical data, November tends to be even better than October, with an average return of over 35% for Bitcoin. If this November delivered similar returns, we could see Bitcoin reach around $47,000 “in the next 30 days” – a price increase that would add around $300 billion to Bitcoin’s market cap.
Meanwhile, Lin pointed to options data that shows traders are betting that Bitcoin price will continue to rise in the coming weeks and months.
“The options data also reflects bullish sentiment in the market,” Lin said. “As of today, the two options with the most open interest are the December 40,000 call and the December 45,000 call. Even the 50,000 December call option has over 5,000 open Bitcoin positions. This suggests that a large number of people are willing to bet that Bitcoin will be significantly higher in two months than it is today.”
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Since June, the Bitcoin and crypto market has been closely watching a number of Bitcoin spot exchange-traded fund (ETF) applications. BlackRock’s Bitcoin spot ETF application raised expectations that Wall Street and institutional money will soon flock to the crypto market.
“The increase in spot volume is also particularly notable, with a significant increase in large transactions above $100,000,” Lin said. “This is a clear indicator of increased institutional interest as major players appear to be consolidating their positions in the digital asset, particularly Bitcoin.”
Source : www.forbes.com