The post Cryptocurrency Forecast: Bitcoin (BTC) Price Eyes $45K Milestone by Year-End appeared first on Coinpedia Fintech News
In a recent market analysis, renowned cryptocurrency expert Marcus Thielen forecasts a significant rise in Bitcoin’s value, potentially reaching $45,000 by year-end. Thielen, the head of research at Matrix Bort and founder of Defy Research, bases his optimistic prediction on current trends in the options market and positive expectations from the Federal Reserve.
Factors Driving the Bullish Outlook
The slowdown in inflation and the anticipation of rate cuts by the Federal Reserve are vital factors bolstering this bullish stance on Bitcoin. Thielen believes any potential rate cuts could further enhance Bitcoin’s market value. He points out that the cryptocurrency has seen remarkable growth this year, doubling in value, with a 40% increase in the past four weeks.
Significant Dates and Market Dynamics
Thielen draws attention to two critical dates: November 24 and December 29, when significant options expire, holding open interests of $3.7 billion and $5.4 billion, respectively. He observes a predominance of calls over puts, with 85% more outstanding calls, particularly at the $40,000 strike level. As Bitcoin nears this mark, Thielen anticipates a surge in buying activity as traders hedge their positions.
Insights from Other Experts
Echoing Thielen’s sentiments, Daan Crypto, a prominent voice in the crypto community, noted, “Even though the price is at similar levels as last week, the Open Interest is still considerably less. Funding rates are also slightly lower. We now have a better and more healthy base than last week.”
Cheeky Crypto, another analyst, shares this optimism, projecting a Bitcoin price range of $38,753 to $40,080. This forecast aligns with a final movement in the daily chart, indicating a larger bullish pattern. However, Cheeky Crypto also cautions investors to monitor support levels, acknowledging the potential for downward corrections.