Data in the derivatives market are interpreted as a “supportive sign” that the Bitcoin price may continue its rise in the spring of 2024.
Deribit CCO Luuk Strijers pointed out that the futures premium on Bitcoin contracts expiring in March, June and September has increased above the spot Bitcoin price since the beginning of October.
Strijers said that the difference between Bitcoin’s spot price and its futures price (basis) exceeded 10%. Strijers, “A rise in the basis indicates that the market expects the spot price to rise. The annual basis is currently between 10-12%, which means the market expects the underlying asset to rise 10-12% next year.” said.
Deribit manager says Bitcoin price will rise this week $42,000 He attributes this to a few factors. As an example, he cited the agreement reached by Binance in the United States in anticipation of the approval of spot exchange traded funds (ETFs). “There are also rising geopolitical tensions, inflation is easing, and corporates are steadily getting more involved.” said.