With Bitcoin (BTC-USD) hovering at $63,282, the race to $100,000 by the end of the year seems more like wishful thinking than a reality, according to Swyftx lead crypto analyst Pav Hundal. “The window to get to $100K by the end of the quarter looks very tight to me,” Hundal told Cointelegraph, noting that hitting six figures would require everything to go perfectly from here on out. But the possibility of Bitcoin reaching $75K to $80K by Christmas? That’s a different story.
Options Traders Are Betting Big
Options traders, who are known for wagering on future prices, seem to have confidence in Bitcoin’s upward movement. Hundal noted, “Options traders on large exchanges are positioning for a $90K to $110K strike price on Christmas Eve,” with the target remaining consistent for the past six months. The consistency shows there’s some optimism, but Hundal noted that reaching these high targets relies on a few things falling into place.
Bitcoin Gains Momentum Amid US Election Buzz
Adding some extra fuel to Bitcoin’s potential rise is the “global easing conditions,” which Hundal believes could inject much-needed liquidity into the market. Historically, when banks and markets added liquidity, Bitcoin’s price surged in 83% of cases over a 12-month period. “The stage is set now,” Hundal remarked, pointing to the opportunity for growth in the final quarter of 2024.
On the political front, there seems to be little friction. With both U.S. presidential candidates sounding “open-minded” toward the crypto industry, the sentiment around digital assets could work in Bitcoin’s favor. As reported by Bloomberg, U.S. Vice President Kamala Harris recently spoke about encouraging investment in digital assets. This has helped ease worries about regulatory headwinds.
What Is Bitcoin’s Price Right Now?
With all this speculation in the air, it’s important to know where Bitcoin stands right now. At the time of writing, BTC is sitting at $63,804.31.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
