“In the face of uncertainty, inner determination is the best guide.
——Redd Leo, founder of Bridgewater Associates (Principles)”
More and more analysts predict that Bitcoin will reach $100,000 by the end of the year. Did you think about whether Bitcoin would reach $90,000 a week ago, and finally this expectation came true? So, is the next goal $100,000?
Although many altcoins are facing declines, Bitcoin's decline is relatively small. This may be due to the fact that Bitcoin's market dominance remains at around 60%, leaving little room for altcoins. This phase of decline actually resets a large amount of funds on exchanges, which is a positive sign in the long run.
At the time of writing, US CPI (Consumer Price Index) data for October will be released. My median forecast for the October CPI is for headline inflation of 2.6% and core CPI of 3.3%. If the core CPI reaches or exceeds 3.4%, it will be the first time since September 2022 that core inflation has risen for two consecutive months.
As predicted, the published CPI-related data indicators are in line with market expectations!
The current CPI data released is not regarded as the most critical factor, because the market generally expects the Federal Reserve to continue cutting interest rates, so the sentiment has not changed significantly.
DOGE is the first meme token on the blockchain and has attracted a large number of supporters, including the world's richest man Musk. Today, the story of DOGE is being pushed to new heights!
Trump announced the appointment of Tesla CEO Musk and entrepreneur Ramaswamy to lead a new initiative, the Department of Government Efficiency (DOGE), which aims to cut unnecessary regulations, reduce federal spending and reorganize government agencies. Its acronym coincides with Dogecoin (DOGE).
Following the announcement, DOGE’s price increased by 10% due to increased investor interest. If the current trend remains the same, DOGE’s price could reach $1.
Another thing that should be noted is that Senator Cynthia said that Trump will push for the passage of the (Strategic Bitcoin Reserve Act) within less than 100 days of taking office, which has aroused market excitement.
Among the open interest of options expiring in November 2024, the number of call options exceeds that of put options, and there is a large amount of open interest in the price range of $90,000 to $120,000. This probably indicates that option traders generally expect Bitcoin to rise to this level in the medium term and are positioning themselves for a possible price increase.
----An important indicator in the options market is open interest. Open interest refers to the number of derivative contracts that have not yet been settled, which reflects the liquidity and sentiment of the market. When open interest and prices rise at the same time, it means that more traders are entering the market and show that they have strong confidence in the price trend.
Note: All content represents the author's personal views only, is not investment advice, and should not be construed in any way as tax, accounting, legal, business, financial or regulatory advice. Before making any investment decision, you should seek independent legal and financial advice, including advice on tax consequences.
