Bitcoin, which rose to $ 34,800 during the week, rose above $ 37,000 with the rise it experienced last night.
While BTC, which rose to $ 37,900, is currently at $ 37,360, the year-end BTC prediction came from Matrixport research head Markus Thielen.
Speaking to Coindesk, Markus Thielen stated that there is an upward momentum in Bitcoin and that this momentum will continue intact until the end of 2023.
At this point, Thielen thinks the BTC price will rise to $40,000 by the end of the year.
“Bitcoin will reach $40,000 or even $45,000 by the end of the year.
I think the position of the options market and the dovish approach of the FED will be the catalyst for the continued rise of BTC and cryptocurrencies.
Because we have two huge options worth $3.7 billion and $5.4 billion that will expire on November 24 and December 29.
While the most significant open interest is found at $40,000, there are 85% more pending buys than sells.
At this point, as Bitcoin approaches $40,000, more options traders will need to buy BTC to protect themselves.
“This will allow prices to reach the $40,000 level, and at this point we are likely to reach the $40,000 level.”
Stating that the other catalyst is the dovish approach of the FED, Thielen pointed out that inflation has fallen significantly in recent months and said: “The US inflation rate, CPI, is currently at 3.2%, while interest rates are at 5.25%, that is, there is a 2.0% difference. Future “We can expect a 200 basis point interest rate cut next year. This is a bullish sign for BTC and cryptocurrencies.” said.
*This is not investment advice.
Read the full article here