Bitcoin Bull Frenzy Hits $44K As Futures Market Expects 10-12% Rise Into 2024
Portfolio Pulse from Khyathi Dalal
Deribit's data indicates a positive outlook for Bitcoin, with futures premiums suggesting a 10-12% price increase by spring 2024. The futures market's optimism is reflected in the widening gap between current and future prices. Bitcoin briefly surpassed $44,000, influenced by market optimism and expectations of a spot Bitcoin ETF approval. Factors such as the Binance settlement, geopolitical tensions, easing inflation, and growing institutional interest are contributing to the rally. Open interest in BTC options is nearing record highs, signaling strong market activity.
December 05, 2023 | 8:35 pm
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Bitcoin's value is expected to rise 10-12% by spring 2024 according to futures market data from Deribit. The cryptocurrency's price briefly exceeded $44,000, driven by optimism for a spot Bitcoin ETF and other favorable market conditions.
The futures market's expectation of a 10-12% price increase for Bitcoin by 2024 suggests strong investor confidence, which is likely to have a positive short-term impact on Bitcoin's price. The brief surpassing of the $44,000 mark reflects current market sentiment and anticipation of regulatory developments such as the approval of a spot Bitcoin ETF. The combination of these factors, along with the Binance settlement and geopolitical events, contribute to a bullish outlook for Bitcoin in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100