After bitcoin continued to try to break through $ 10,000, it continued to hover and trade in the mid-range of $ 9,000. Earlier today, the bull market tried to break through this level again, but in vain. As a result, the BitMEX trading engine went down, which caused investors to worry and led to a decline in buyer activity.
According to Bitcoinist, because Bitcoin has been difficult to break through $ 10,000 in the past few weeks, it is likely that Bitcoin will begin to show signs of weakness in the near future. Investors have mixed views on the future direction of Bitcoin-only 9% of the options market believes that Bitcoin will hit a record high before the end of the year. The contract that expires at the end of May is largely betting that the bitcoin transaction price will be around 10,000 US dollars, and some traders seem to believe that bitcoin will rise slightly in the next few years.
Data from the blockchain research platform Skew shows that for options that expire in June, September, and December, nearly half of traders believe that the price of Bitcoin exceeds $ 10,000. The options market shows that the probability of a bitcoin trading price above $ 20,000 in December is 9%.
Analysts pointed out that if Bitcoin breaks through a huge wedge, it may lead its price to soar to $ 40,000 or more. In addition, there are other models predicting that Bitcoin prices will rise significantly. Many investors pointed to a model that reflects the relationship between bitcoin stocks and flows. The model predicts that by 2021, the supply and demand dynamics will help drive the price of bitcoin to exceed $ 100,000 in 2021.
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