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Will $80,000 be inevitable as #Bitcoin bulls await the $15 billion options expiration?
For Bitcoin bulls in particular, there's cause for celebration as the deadline for the cryptocurrency options exchange Deribit to settle its $15 billion contracts in Bitcoin (BTC) and Ethereum (ETH) approaches. As early as this weekend or next week, there's a chance that $80,000 could be waiting for them.
As crypto analyst CryptoJelleNL pointed out in an X post on March 29, Bitcoin is still trading above its 2021 ATH, and a breakthrough might happen this weekend or next week. This is happening against the background of the imminent expiry of $15 billion in digital assets.
Bitcoin market forecast
Also, the anonymous crypto trader has given his BTC price forecast, which states that the flagship DeFi asset will reach $80,000 in "a matter of time," after recently breaking out of its falling expanding wedge and beyond its weekly support.
Analysis of the Bitcoin market and price forecast
Analysis of activity and forecast of Bitcoin price. According to CryptoJelleNL
The crypto expert had previously brought attention to the fact that Bitcoin has broken out of the cup-and-handle chart pattern, which is a common occurrence after an upswing and indicates that the market is getting ready "for a new move higher," with a "target of roughly $80,000" projected for Bitcoin.
The first cryptocurrency asset was trading hands for $70,140 as of this writing, down 0.86% on the day but up 9.19% for the week and a substantial 18.08% for the month, according to the most recent statistics from March 29.
Notably, according to Finbold's report from March 28, crypto specialist TradingShot has pegged Bitcoin's price at $200,000. This target is based on the asset's outstanding resistance and previous patterns, so it's possible that Bitcoin might see even more impressive gains this cycle.
Things are looking good for Bitcoin's future price, but the cryptoverse isn't always stable, and it's hard to make a firm forecast on Bitcoin's price, so investors must do their own study.
