- Bitcoin could surge to $42,000 by April 2024, predicts the host of InvestAnswers, while Ethereum displays signals of bullish activity, indicating a potential breakout.
- Ethereum sees a 35% increase in trading volume, pushing the digital currency toward the coveted $2,000 mark.
As a seasoned blockchain expert, it’s clear to me that the crypto market, particularly Bitcoin and Ethereum, is hinting at an exciting ride ahead.
The Bitcoin Bullish Bets
The anonymous host of the YouTube channel, InvestAnswers, recently shared predictions with his 445,000 followers that suggest Bitcoin could hit $42,000 by April 2024. This forecast arises from the activity in the options market, where the demand for Bitcoin call options outstrips that for put options—a decidedly bullish indication.
To break down these financial terms for those unfamiliar, call options are contracts allowing the holder the right to buy an asset at a specific price before a specified date. On the other hand, put options give the holder the right to sell. The present situation, wherein the demand for call options surpasses put options, reflects a prevalent market sentiment that anticipates an increase in Bitcoin’s price.
At the moment, the Bitcoin market shows a considerable amount of action at the $45,000 level. Coupled with a put-call ratio of 0.39, it’s evident that more call options are being purchased. The increased action at prices around $45,000, $44,000, and $43,000 fuels the prediction that Bitcoin could reach $42,000 by April 2024.
Ethereum’s Rising Tide
Turning our attention to Ethereum, there are signs of an “extremely bullish” trend. The put-call ratio for this digital asset is a meager 0.21, indicating that almost no one is buying put options on Ethereum, reinforcing the expectation that its price will rise. There’s a significant demand for call options at $2,500, and some optimists are even betting on a rise to $6,500.
Ethereum has followed Bitcoin’s upward trend and is witnessing a significant jump in trading volume, a key driver of price surges. The Ethereum daily trading volume has swelled to over $7 billion, marking a robust 35% rise compared to the previous day.
In terms of trading pairs, the ETH/USDT on Binance is leading the charge, crossing the $610 million mark. On Coinbase, one of the largest cryptocurrency exchanges in the United States, the ETH/USD pair is close behind at $156 million.
With Ethereum managing to reclaim and hold support above $1,940 and the increasing trading volume, we could see Ethereum testing the $2,000 mark soon. Furthermore, with its price still trading well above the 100-day and 200-day moving averages, the bullish sentiment remains strong, making the path to $2,500 a plausible journey.
The future appears bright for Bitcoin and Ethereum, and for crypto enthusiasts, the upcoming months may indeed be an “absolute pleasure.”
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