For now, the entire cryptocurrency industry is waiting for Bitcoin’s move, and the expected move could come on Friday.
The leading cryptocurrency is about to break the downtrend that has been going on for months, and a close above $ 58,000 is required for this breakout to be finalized. This closure could come with $820 million Bitcoin options contracts that expire on Friday.
Critical Point For Bitcoin Price
According to the S2F model of the famous cryptocurrency analyst PlanB bitcoin The price is ready for a parabolic rise that will allow it to rise above $110,000 and such a rise can be seen in the coming days.
The analyst emphasized that he does not see anything in front of this rise since all the negative factors and FUD elements are gone. In particular, the arrival of the Bitcoin ETF approval can create a positive effect that will carry the market up to $ 110,000. Of course, a few triggers are required before that.
The $820 million option contract expires on October 15, and the event on October 4 could have a positive impact on the price. Of the options contracts that expired on October 4, 8% were used with a sales focus and 92% had the expected positive effect. However, the total value of options at that time was only $370 million, and this time around $820 million could have a much bigger impact.
If Bitcoin goes above $ 58,000 and closes, it will open the way to $ 64,000. It is also possible to witness that altcoins were crushed at first here.
*Not Investment Advice.