Bitcoin’s window to reach $100K by end of Q4 ‘looks very tight’
2024.09.30 09:23
As Q3 concludes, uncertainty surrounds Bitcoin’s (BTC) chances of reaching six figures by year-end. However, according to a crypto analyst, returning to its current all-time high remains within reach.
“The window to get to $100k by the end of the quarter looks very tight to me. You would need everything to go right from this point on and you simply can’t be sure that is going to happen,” Swyftx lead crypto analyst Pav Hundal told Cointelegraph.
Hundal says Bitcoin may hit $80K by December
Hundal believes that “the central scenario after this break in market structure is for new all-time highs in the $75-80K range by Christmas.”
He further highlighted that options traders — those who buy and sell options contracts — are wagering that Bitcoin’s price could rise by as much as 75% in the next three months.
“Options traders on the large exchanges at the moment are positioning for a $90k to $110k strike price contract on Christmas Eve,” Hundal stated.
Bitcoin options open interest is currently sitting at $19.38 billion. Source: CoinGlass
Hundal added that this strike price range has remained “remarkably consistent over the last six months.”
According to TradingView data, Bitcoin’s price is $63,282 at the time of publication, down 3.08% since Sept. 29.
Bitcoin price is down 3.08% over the past 24 hours. Source: TradingView
Hundal is bullish on the current price action, believing that the recent break of the “lower troughs and lower peaks” after 28 weeks, along with “global easing conditions,” will bring additional liquidity to the market.
Historical data shows that Bitcoin’s price increased in 83% of cases over a 12-month period when liquidity was added to bank deposits and circulating money.
“The stage is set now,” Hundal added.
Shifting crypto sentiment in the US presidential campaign
Meanwhile, Hundal suggested there is a more straightforward path for Bitcoin’s runway as there “doesn’t seem to be a lot of jeopardy” for crypto in the United States election right now, with both Presidential candidates “sounding open-minded” about the industry.
Related: 3 signs that Bitcoin price is not ready to make a new all-time high
On Sept. 23, United States Vice President Kamala Harris made her first public statement about crypto during her US presidential election campaign.
In comments made during a Wall Street fundraiser, Harris vowed to encourage investment in artificial intelligence and digital assets.
“We will partner together to invest in America’s competitiveness, to invest in America’s future. We will encourage innovative technologies like AI and digital assets while protecting our consumers and investors,” Harris said at a fundraiser in Manhattan, Bloomberg reported on Sept. 22.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
