There’s 7% chance for Bitcoin to surpass the $20K high level in the upcoming two months as the odds are “repricing quickly” according to analysts that claim the recent growth is “organic.” In our today’s bitcoin news, we take a closer look at the analysis.
There’s 7% chance for another bitcoin increase by the end of the year according to the data from Skew. Skew reported that Bitcoin options were moving in favor of higher prices in 2020. At press time, the chance of Bitcoin’s BTC/USD pair being $20,000 or higher by the end of the year, is now at 7% with 11% for $18,000. By March 2021, more bets are placed that Bitcoin could reclaim the $20,000 while the figure for June is set at 18%.
On social media, Skew said that the data was repricing quickly in the aftermath of the Bitcoin movement to $13,200. The mood among the institutional investors remain skewed to the upside despite the higher price levels as the latest commitments of traders reports from CME Group, show that the institutions are overwhelmingly long rather than short for BTC.
Willy Woo noted that huge amounts of liquidity had been removed from the speculative arenas by the investors that were keen to store coins for the long term. Woo described the event which involved 250,000 BTC as the “mother of all scopp-ups.” He tweeted:
“Where did the supply come from? 250k coins ($2b+ USD) have been scooped off the speculative stock on spot exchanges into HODL This is where the supply has come from thus far, and it was the mother of all scoop ups, previous bull runs were powered by iddy biddy tiny scoops.”
The organic nature of the behavior which led the price to increase didn’t go unnoticed. Charles Edwards, the founder of digital manager Capriole which was a huge phenomenon in Bitcoin’s twelve-year lifespan. The pump is usually spot driven but there’s almost no order book resistance as he tweeted:
“Yes things can change quickly, it’s crypto. But this is a very healthy move. Something we have never seen before at 12K plus #bitcoin.”
Bitcoin futures volume tripled in the past two days compared to the levels seen earlier this month as Bitcoin’s price reached $12,000.
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