Originally published on: November 22, 2024
Bitcoin is showing no signs of slowing down on its journey towards the $100,000 mark, defying concerns from investors regarding Friday’s massive $2.7 billion options expiry. This event posed a threat of a correction below $85,000, but Bitcoin remains resilient.
On November 22nd, over $2.67 billion worth of Bitcoin options contracts expired, with a “max pain” point set at $85,000. Despite this looming expiration, Bitcoin surged to an all-time high of $99,523 just before the deadline. Although it has dipped slightly to $97,805, the overall trajectory remains positive.
According to Blake Player, head of growth at VALR, the expiry of these options contracts is unlikely to have a significant impact on Bitcoin’s rally. In fact, decreasing leverage in the crypto markets could actually benefit Bitcoin’s upward momentum.
Stablecoin flows to crypto exchanges hit a record monthly high of over $9.7 billion on November 22nd, signaling a positive outlook for Bitcoin’s price in the coming months. Analysts are increasingly optimistic about Bitcoin breaking the $100,000 barrier, with predictions suggesting it could happen by the end of November.
In addition to this, the inflows into US spot Bitcoin exchange-traded funds (ETFs) are also contributing to Bitcoin’s rally. Spot Bitcoin ETFs recorded over $1 billion in cumulative net inflows on November 21st, highlighting growing investor interest in the cryptocurrency.
While the long-term outlook for Bitcoin remains bullish, timing its next significant move poses challenges. However, with Bitcoin’s record-breaking monthly candle and historical performance in November, there is optimism surrounding its future price trajectory.
As Bitcoin continues to break barriers and set new records, the path to $100,000 seems clearer than ever. Stay updated with the latest developments in the world of cryptocurrency by subscribing to our newsletter for insightful analysis and financial opportunities.
