Bitcoin (BTC) struggled to maintain its overnight bullish momentum, dropping below the $62,500 mark to reach an intra-day low of $62,085.
This bearish trend emerged despite significant inflows of $235.19 million into Bitcoin ETFs as of October 7, raising concerns within the market.
Furthermore, the losses in the BTC could further bolster as the US government prepares to sell nearly 69,000 BTC.
Meanwhile, Jeff Park, Head of Alpha Strategies at Bitwise, recently warned that the introduction of Bitcoin ETF options could lead to substantial volatility in the flagship cryptocurrency.
US Supreme Court denies hearing in regards to ownership of 69,370 #Bitcoin seized from Silk Road.
This now means that the US Government is free to sell the remaining $4.4 Billion dollars worth of crypto. pic.twitter.com/IXiAEO091A— ImNotTheWolf (@ImNotTheWolf) October 8, 2024
On a brighter note, Michaël van de Poppe expressed optimism about altcoins such as Sui Network (SUI) and Bittensor (TAO), alongside a bullish outlook for BTC.
This positive sentiment could strengthen the crypto market and potentially support predictions of a price rally through December.
Moreover, the introduction of Bitcoin ETF options could help stabilize BTC prices by enhancing market liquidity and attracting more institutional interest.
This increased demand and strategic positioning may limit price declines, fostering a more resilient trading environment for Bitcoin.
Van de Poppe’s Positive Bitcoin and Altcoin Forecast
As we mentioned above, a popular crypto trader, Michaël van de Poppe, is optimistic about Bitcoin (BTC) and several altcoins.
He believes BTC is poised for a rally, projecting upward momentum from October to December.
Currently trading at $63,814, Van de Poppe notes that Bitcoin’s price has recently rebounded above $62,000.
He sees a positive trend in the market, particularly among restaking coins, which could help BTC maintain its upward trajectory.
Trader Michaël van de Poppe Predicts New All-Time Highs for Two Altcoins, Updates Outlook on Bitcoin and Wormhole https://t.co/ZgTwgOOjKo
— The Daily Hodl (@TheDailyHodl) October 7, 2024
In addition to Bitcoin, Van de Poppe has identified potential opportunities in the altcoins Sui Network (SUI) and Bittensor (TAO).
He suggests that SUI, currently priced at $1.92, could reach new all-time highs after a correction, with ideal buying points between $1.30 and $1.60.
Meanwhile, he forecasts that TAO, valued at $650, will also break its previous record, with $500 acting as a support level and $620 as a critical breakout point. Lastly, he mentions Wormhole (W), which looks promising if it holds above $0.25.
Hence, the positive outlook on Bitcoin and altcoins like SUI and TAO may enhance market sentiment, encouraging more investors to enter. This increased demand and optimism could help BTC maintain its price stability and potentially drive further gains.
Bitcoin ETF Options Approval Sparks Excitement and Potential Price Surge
The recent approval of options trading for BlackRock’s spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC) has generated considerable excitement in the crypto market.
Jeff Spark, head of Bitwise Alpha Strategies, emphasized that these options could increase volatility, possibly driving Bitcoin into a super cycle.
The introduction of spot Bitcoin ETFs has been incredibly successful. In just nine months, around $60 billion in assets under management have been gathered, making it one of the most successful ETF launches on Wall Street.
Here is the INSANE Bitcoin Options Super Cycle Theory.
Bitwise's Jeff Park (@dgt10011) explains why the new ETF options could lead to significant volatility.
We recorded this conversation because I believed the opposite. Watch to see if I change my mind
0:00 – Intro
1:19… pic.twitter.com/tMBD3zDWWm— Anthony Pompliano
(@APompliano) October 7, 2024
However, the demand for Bitcoin options is rising, with recent inflows reaching $235 million on October 10, indicating strong market interest.
Spark emphasizes the benefits of integrating uncorrelated assets, like gold-related ETFs, into the collateral frameworks for Bitcoin options, which could improve margin efficiency and unlock new opportunities.
As of now, Bitcoin options trading volumes fluctuate between $42 billion and $71 billion monthly in 2024. This increased use of options for leverage and strategic positioning suggests that they will play a more significant role in shaping Bitcoin’s market dynamics in the coming months, potentially influencing its price movements.
Consequently, the approval of options trading for BlackRock’s spot Bitcoin ETF is likely to boost market interest and trading volumes, which could drive Bitcoin’s price higher. Increased volatility and strategic positioning through options further enhance BTC’s upward momentum in the coming months.
Bitcoin Faces Renewed Selling Pressure Near $62,200: What’s Next?
Bitcoin is struggling to maintain its position above $63,200, facing renewed selling pressure that has pushed it down to $62,200.
The cryptocurrency is holding just above a key ascending trendline, which aligns with the 50-day EMA at $62,700. This trendline is critical for support; any break below could lead to additional downside risks.
If Bitcoin manages to reclaim $63,200, it could set up a retest of the $63,800 and $64,400 resistance levels. However, a fall below $62,200 could see it targeting lower support at $61,700 and $61,200.
The RSI is hovering around 50, signaling neutral momentum but with a potential for bearish movement if selling intensifies.
Traders should closely watch these levels for any breakout or breakdown signals.
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