{"id":85248,"date":"2023-11-16T08:11:18","date_gmt":"2023-11-16T13:11:18","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/crypto-veteran-expects-bitcoin-to-maintain-bullish-momentum-targets-40000-by-year-end\/"},"modified":"2023-11-16T08:11:19","modified_gmt":"2023-11-16T13:11:19","slug":"crypto-veteran-expects-bitcoin-to-maintain-bullish-momentum-targets-40000-by-year-end","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=85248","title":{"rendered":"Crypto Veteran Expects Bitcoin to Maintain Bullish Momentum, Targets $40,000 by Year-End"},"content":{"rendered":"<div>\n<figure id=\"attachment_132210\" aria-describedby=\"caption-attachment-132210\" style=\"width: 640px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-132210\" class=\"wp-caption-text\">Bitcoin Logo \/ Source: Adobe<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\"><strong>Markus Thielen<\/strong>, research head at <strong>Matrixport<\/strong> and founder of <strong>DeFi Research<\/strong>, expects Bitcoin\u2019s bullish momentum to persist and drive prices toward $40,000 by the end of the year.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Thielen\u2019s optimistic outlook is based on several factors, including options market positioning and expectations of a dovish stance from the Federal Reserve (Fed), he\u00a0<\/span><span data-preserver-spaces=\"true\">said in a recent note<\/span><span data-preserver-spaces=\"true\">.\u00a0<\/span><\/p>\n<blockquote>\n<p><span data-preserver-spaces=\"true\">\u201cBitcoin will reach $40,000 \u2013 if not even $45,000 \u2013 by the year\u2019s end,\u201d Thielen said.\u00a0<\/span><\/p>\n<\/blockquote>\n<p><strong><span data-preserver-spaces=\"true\">Bitcoin (BTC)<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0has been on a remarkable upward trajectory this year, more than doubling in value.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In the past four weeks alone, the leading cryptocurrency has surged by nearly 40%.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The recent rally has stimulated demand for call options, which are derivatives that provide the buyer with the right to purchase the underlying asset at a predetermined price in the future.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Thielen noted that the increased demand for these bullish bets has left market makers, who traditionally take the opposite side of clients\u2019 trades, exposed to further upside potential in the cryptocurrency market.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">As prices continue to rise, these entities are likely to buy Bitcoin and hedge their positions, adding to the overall bullish pressure in the market.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Options, Inflation, and Spot ETFs to Benefit Bitcoin Surge<\/span><\/h2>\n<p><span class=\"replacer\"><\/span><br \/><span data-preserver-spaces=\"true\">The options market also plays a significant role in Thielen\u2019s prediction.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He pointed out that there are two substantial options expiries scheduled for November 24 and December 29, with outstanding open interest of $3.7 billion and $5.4 billion, respectively.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The number of outstanding call options exceeds puts by 85%, with the $40,000 strike price having the most significant open interest.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">As the market approaches the $40,000 level, more participants will need to purchase Bitcoin to hedge their positions, further driving up the price.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThere will be a broad interest in pushing prices to this $40,000 level. The odds are high that we reach this level.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Another supporting factor for the bullish case is the receding U.S. inflation rate and the possibility of rate cuts or liquidity easing by the Federal Reserve.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The Fed has raised interest rates by 525 basis points over 14 months to May 2023 to combat rising inflation.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, inflation has recently slowed, with the U.S. CPI climbing 3.2% in the 12 months through October, leading to speculation that the Fed may consider rate cuts to stimulate the economy and incentivize investment in riskier assets.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Thielen believes that the current inflation rate and interest rates indicate the potential for rate cuts in the future.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He suggested that a spread of 2.0% between the inflation rate (CPI) and interest rates could lead to a 200 basis point rate cut next year, which would be bullish for Bitcoin.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Lastly,\u00a0<\/span><span data-preserver-spaces=\"true\">optimism surrounding the approval<\/span><span data-preserver-spaces=\"true\">\u00a0of spot exchange-traded funds (ETFs) could also contribute to price gains.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Bloomberg analysts have given a 90% chance of the Securities and Exchange Commission (SEC) approving one or more spot ETFs before January 10.<\/span><\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/crypto-veteran-expects-bitcoin-to-maintain-bullish-momentum-targets-40000-by-year-end.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin Logo \/ Source: Adobe Markus Thielen, research head at Matrixport and founder of DeFi Research, expects Bitcoin\u2019s bullish momentum to persist and drive prices toward $40,000 by the end of the year.\u00a0 Thielen\u2019s optimistic outlook is based on several factors, including options market positioning and expectations of a dovish stance from the Federal Reserve [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":85249,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-85248","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Crypto Veteran Expects Bitcoin to Maintain Bullish Momentum, Targets $40,000 by Year-End | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Bitcoin Logo \/ Source: Adobe Markus Thielen, research head at Matrixport and founder of DeFi Research, expects Bitcoin\u2019s bullish momentum to persist and\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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