Crypto experts set a target for Bitcoin: Fasten your seat belts!

Bitcoin Open Position reached $45.4 billion after Donald Trump won the US presidential election.

While Bitcoin's price climbed to $75,000, the open position also reached an all-time high. With BTC's peak on November 6, the total number of Bitcoin derivative contracts increased by 13.3 percent to $45.4 billion. When you look at the data in question, it is possible to say that some crypto investors do not expect the Bitcoin price to fall to $73,679 anytime soon. With the possible decrease in the $BTC price, $1.26 billion worth of short (bullish) positions will be liquidated.

"BTC will settle between $130,000 and $150,000"

Experienced investor Peter Brandt, like other traders who opened short positions, expects an increase. In his post on November 6, Brandt said, "Bitcoin is at an important point in the bull market. “BTC will settle between $130,000 and $150,000 in August or September next year,” he said.

Although Bitcoin’s all-time high has begun to create concerns about a downward trend in some investors, analysts disagree with this view. Crypto analyst Rajat Soni stated that the rise is still at the beginning of the process:

“We are so early in the adoption process of Bitcoin that we can still exchange BTC for fiat money because most people think that fiat money is backed by a tangible value.”

Likewise, analysis firm CryptoQuant stated that Bitcoin has not yet risen too much. “Bitcoin’s new peak does not mean that it is overvalued relative to its cost basis,” the firm said in its X post dated November 6, indicating that Bitcoin’s market and realized value (MVRV) ratio is still far from its peak levels.

The higher the MVRV ratio, the more it signals that Bitcoin is overdemanded. When Bitcoin reached its all-time high of $73,679 in March, its MVRV ratio was around 2.87. At the time of publication, Bitcoin’s MVRV score is at 2.19.

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