Although the leading cryptocurrency Bitcoin started the new week positively after a good weekend, it experienced a decline again and fell to $ 63,000 after the news that the SEC sent the Wells Notice to Robinhood.
This rise in Bitcoin after the correction in April revived option traders' expectation of $ 100,000 in BTC in 2024.
BTC recovered rapidly due to the impact of FED Chairman Jerome Powell's statement last week that they were not considering an interest rate increase and the US non-farm employment (NFP) data announced on Friday.
This revived options traders' expectations for $75,000 and $100,000.
Evaluating the recovery in Bitcoin, QCP Capital analysts wrote:
“Following the recovery from Friday towards the weekend, we see an upward trend in volatility and rates.
BTC risk reversal has been positive (calls are now more expensive than puts).
“The BTC risk turning positive led to renewed demands for BTC, and traders' expectations for $75,000 and $100,000 in September were renewed.”
“I'm Expecting $92,000 in Bitcoin!”
Also speaking to Coindesk, Ledn chief investment officer John Glover argued that Bitcoin could rise to 92,000.
Applying the Elliot wave theory made by Glover in this analysis, he said that there is a possibility that BTC will fall to $ 52,000-55,000 before the rise to $ 92,000.
“BTC price action continues to follow the path I expect for Wave 4, according to Elliot Wave theory.
Although the drop to $56,500 has completed the correction, I still expect to see a price of $52,000-$55,000 before Wave 4 is completed.
After the 4th wave is completed, I expect Bitcoin to rise towards $92,000 in the 5th Wave. “
*This is not investment advice.
