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Bitcoin (BTC) has faced challenges in sustaining its overnight upward momentum, falling below the $62,500 threshold to hit an intra-day low of $62,085.
This downward trend has surfaced despite notable inflows of $235.19 million into Bitcoin ETFs as of October 7, raising apprehensions within the market.
Additionally, the losses in BTC may intensify as the US government is set to sell nearly 69,000 BTC.
In the meantime, Jeff Park, Head of Alpha Strategies at Bitwise, recently cautioned that the launch of Bitcoin ETF options could result in significant volatility for the leading cryptocurrency.
The US Supreme Court has declined to hear the case concerning the ownership of 69,370 #Bitcoin seized from Silk Road.
This decision allows the US Government to proceed with the sale of the remaining $4.4 billion worth of cryptocurrency. pic.twitter.com/IXiAEO091A— ImNotTheWolf (@ImNotTheWolf) October 8, 2024
On a more positive note, Michaël van de Poppe has expressed hope regarding altcoins like Sui Network (SUI) and Bittensor (TAO), along with a bullish perspective for BTC.
This optimistic sentiment could reinforce the crypto market and possibly support forecasts of a price surge through December.
Moreover, the introduction of Bitcoin ETF options might aid in stabilizing BTC prices by improving market liquidity and drawing in more institutional interest.
This heightened demand and strategic positioning could mitigate price declines, creating a more robust trading environment for Bitcoin.
Van de Poppe’s Positive Bitcoin and Altcoin Forecast
As previously noted, a well-known crypto trader, Michaël van de Poppe, holds an optimistic view on Bitcoin (BTC) and several altcoins.
He anticipates that BTC is set for a rally, forecasting upward momentum from October through December.
Currently priced at $63,814, Van de Poppe observes that Bitcoin’s value has recently bounced back above $62,000.
He identifies a favorable trend in the market, especially among restaking coins, which could assist BTC in sustaining its upward path.
Trader Michaël van de Poppe Predicts New All-Time Highs for Two Altcoins, Updates Outlook on Bitcoin and Wormhole https://t.co/ZgTwgOOjKo
— The Daily Hodl (@TheDailyHodl) October 7, 2024
In addition to Bitcoin, Van de Poppe has pinpointed potential opportunities in the altcoins Sui Network (SUI) and Bittensor (TAO).
He suggests that SUI, currently valued at $1.92, could achieve new all-time highs following a correction, with optimal buying points between $1.30 and $1.60.
Meanwhile, he predicts that TAO, priced at $650, will also surpass its previous record, with $500 serving as a support level and $620 as a crucial breakout point. Lastly, he highlights Wormhole (W), which appears promising if it remains above $0.25.
Thus, the favorable outlook on Bitcoin and altcoins like SUI and TAO may enhance market sentiment, encouraging more investors to participate. This increased demand and optimism could assist BTC in maintaining its price stability and potentially drive further gains.
Bitcoin ETF Options Approval Sparks Excitement and Potential Price Surge
The recent authorization of options trading for BlackRock’s spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC) has sparked significant enthusiasm in the crypto market.
Jeff Spark, head of Bitwise Alpha Strategies, highlighted that these options could amplify volatility, potentially propelling Bitcoin into a super cycle.
The launch of spot Bitcoin ETFs has proven to be exceptionally successful. Within just nine months, approximately $60 billion in assets under management have been accumulated, making it one of the most successful ETF introductions on Wall Street.
Here is the INSANE Bitcoin Options Super Cycle Theory.
Bitwise’s Jeff Park (@dgt10011) explains why the new ETF options could lead to significant volatility.
We recorded this conversation because I believed the opposite. Watch to see if I change my mind
0:00 – Intro
1:19… pic.twitter.com/tMBD3zDWWm— Anthony Pompliano
(@APompliano) October 7, 2024
(@APompliano) October 7, 2024However, the appetite for Bitcoin options is increasing, with recent inflows reaching $235 million on October 10, indicating robust market interest.
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Spark underscores the advantages of incorporating uncorrelated assets, such as gold-related ETFs, into the collateral frameworks for Bitcoin options, which could enhance margin efficiency and unlock new opportunities.
Currently, Bitcoin options trading volumes fluctuate between $42 billion and $71 billion monthly in 2024. This growing utilization of options for leverage and strategic positioning suggests that they will play a more prominent role in shaping Bitcoin’s market dynamics in the upcoming months, potentially affecting its price movements.
As a result, the approval of options trading for BlackRock’s spot Bitcoin ETF is likely to heighten market interest and trading volumes, which could elevate Bitcoin’s price. Increased volatility and strategic positioning through options further bolster BTC’s upward momentum in the months ahead.
Bitcoin Faces Renewed Selling Pressure Near $62,200: What’s Next?
Bitcoin is having difficulty holding its ground above $63,200, encountering renewed selling pressure that has driven it down to $62,200.
The cryptocurrency is maintaining its position just above a crucial ascending trendline, which coincides with the 50-day EMA at $62,700. This trendline is vital for support; any breach below could result in further downside risks.
If Bitcoin can reclaim $63,200, it may set the stage for a retest of the $63,800 and $64,400 resistance levels. Conversely, a drop below $62,200 could lead it to target lower support at $61,700 and $61,200.
The RSI is hovering around 50, indicating neutral momentum but with the potential for bearish movement if selling pressure escalates.
Traders should closely monitor these levels for any breakout or breakdown signals.
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The post Bitcoin Price Forecast: Trader Van de Poppe Predicts Major BTC Rally Through December — Will $90K Be Next? appeared first on Cryptonews.
