As cryptocurrency options exchange Deribit approaches its $15 billion contract settlement deadline, Bitcoin bulls find themselves with a compelling reason for optimism. Speculation suggests that the cryptocurrency could surge to $80,000, potentially as soon as this weekend or the following week.
Bitcoin continues to trade above its 2021 all-time high, fueling anticipation of a breakout amidst the impending expiration of $15 billion in digital assets. Crypto analyst CryptoJelleNL, in a post on March 29, highlighted the likelihood of significant market movement coinciding with the options expiry.
According to a pseudonymous crypto trading expert, Bitcoin's recent breakout from its descending broadening wedge and above its weekly support suggests a bullish trend. The expert predicts that Bitcoin could reach $80,000 in the near future, citing technical chart patterns such as the cup & handle formation.
Bitcoin’s cup & handle pattern. Source:CryptoJelleNL
At the time of reporting, Bitcoin is trading at $70,140, marking a slight decline of 0.86% for the day. However, it has recorded a notable 9.19% increase over the past week and a substantial 18.08% gain in the last month. Despite short-term fluctuations, sentiment remains bullish.
Crypto specialist TradingShot has set an even more ambitious target for Bitcoin, projecting a price prediction of $200,000 based on historical resistance levels and previous market patterns. This bullish outlook underscores growing optimism within the crypto community.
While the future price of Bitcoin appears promising, the volatile nature of the cryptoverse necessitates caution. Making definitive predictions in such a dynamic market is challenging, emphasizing the importance of conducting thorough research before investing.
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