Bitcoin price predicted to reach IDR 775.98 million in January 2024

Market players, especially option traders, are preparing to bet that Bitcoin will jump to USD 50,000 or around IDR 775.98 million (assuming the United States dollar against the Rupiah is around 15,519) in 2024.

Quoted from Yahoo Finance, Thursday (7/12/2023), this prediction occurs when many market observers hope that the SEC will eventually allow exchange-traded funds to be directly stored in crypto.

That's the price level given the total number of contracts in circulation, to buy bitcoin with call options expiring on January 26, 2023, according to data compiled by Deribit, the largest crypto options exchange. Call options give the buyer the contractual right to purchase an underlying asset at a specified price within a specified time period.

Bitcoin last reached USD 50,000 in December 2021. Bitcoin was then in the midst of a decline from its all-time high with the sentiment of the United States (US) central bank or the Federal Reserve (the Fed) starting to remove the stimulus added during the COVID-19 pandemic.

There are currently expectations that the Fed will change its monetary policy in 2024 and a bitcoin ETF is seen as a near certainty. This has brought the crypto sector to significant strength.

"Bullish sentiment is growing," said Deribit Chief Commercial Officer, Luuk Strijers.

Bitcoin has surged more than 60 percent since mid-October, when speculation surged that the Securities and Exchange Commission (SEC) was close to signing off on ETF applications from asset management firms such as BlackRock. In trading Wednesday, December 6 2023, the price of bitcoin was around USD 44,000.

The combined trading volume of spot and derivatives on centralized exchanges rose 40.7 percent in November to USD 3.61 trillion, the highest combined total since March, according to researcher CCData.

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