bullish

Jerome Powell

Chair

Bitcoin

Reserve

As the crypto market awaits comments from Federal Reserve Chair Jerome Powell and key unemployment data, Bitcoin (BTC) opened Monday morning with a dip in Asian markets. 
Despite the recent pullback to $64,000, Bitcoin still maintains a strong upward trend, marking its first three-week rally since February. According to Amberdata, this bullish movement is supported by investors purchasing call options, pointing toward a potential breakout above $75,000. 
Amberdata’s Derivatives Director Greg Magadini told Coindesk that BTC increased by more than 3% in the last week of September, continuing its prior two-week gains of 7%. This three-week uptrend reflects growing momentum in the market. 
Magadini highlighted that option traders are heavily buying call options for Bitcoin at strike prices of $75,000 and higher on Deribit, suggesting a bullish outlook. He emphasized that if Bitcoin breaks above $75,000, the price could quickly soar to $100,000. 
<img loading="lazy" decoding="async" class="alignnone size-full wp-image-15718" src="https://www.turkishnyradio.com/wp-content/uploads/2024/09/focusing-on-Bitcoins-potential-rise-to-100000-The-scene-features-a-large-glowing-Bitcoin-symbol-in-the-center-with-gre.webp" alt="focusing on Bitcoins potential rise to 100000 The scene features a large glowing Bitcoin symbol in the center with gre" width="1792" height="1024" title="Bitcoin Bulls Ignore the Dip! Analyst: “Breaking This Level Could Push BTC to $100K” 18" srcset="https://www.turkishnyradio.com/wp-content/uploads/2024/09/focusing-on-Bitcoins-potential-rise-to-100000-The-scene-features-a-large-glowing-Bitcoin-symbol-in-the-center-with-gre.webp 1792w, https://www.turkishnyradio.com/wp-content/uploads/2024/09/focusing-on-Bitcoins-potential-rise-to-100000-The-scene-features-a-large-glowing-Bitcoin-symbol-in-the-center-with-gre-768x439.webp 768w, https://www.turkishnyradio.com/wp-content/uploads/2024/09/focusing-on-Bitcoins-potential-rise-to-100000-The-scene-features-a-large-glowing-Bitcoin-symbol-in-the-center-with-gre-1536x878.webp 1536w" sizes="(max-width: 1792px) 100vw, 1792px"> 
“The flow pattern from the options market indicates a bullish sentiment for spot prices due to put selling, and also forecasts an acceleration in price movements,” Magadini explained. 
Magadini added that a break above $75,000 would signal a rapid surge towards $100,000, potentially driven by call buyers targeting the December 27, 2024, expiration date, where activity is heavily concentrated. 
He also noted that such a breakout would mark the resumption of the broader uptrend that started in October 2023, when BTC rebounded from lows below $30,000.

Bitcoin Bulls Ignore the Dip! Analyst: “Breaking This Level Could Push BTC to $100K”

TNYR

Other articles published on Sep 30, 2024

Bitcoin Price Declines but Remains Steady with Important Upcoming Developments

Ripple In Federal Reserve Bank of Philadelphia

SUI Network hits the highest daily net inflows

US SEC Charges TrueCoin, TrustToken for Stablecoin Investment Program

Binance Faces New Leadership and Compliance Focus

Australian bank joins Project Guardian to explore RWA tokenization

Join our free newsletter for daily crypto updates!