After a few days of relative calm for the price of bitcoin, oscillating between 53,000 and 60,000 dollars per coin, a new impulse could come in the next few days. This is how the analyst and influencer linked to bitcoin, Juan Rodríguez, known as Juanbiter in social networks, considers it.
Through a series of messages on Twitter, the you tuber assured those in recent months he has observed a trend for the price of bitcoin when important settlements of contracts are approaching in the bitcoin options market.
Just this Friday, March 26, the equivalent of 6,000 million dollars in contracts in this market is settled, according to Deribit records. The analyst pointed out that, as dates like this approach, the pressure of large whales that provide liquidity to the market grows to move the price of the crypto currency in any of the directions, according to their convenience.
Typically, these whales target the “Max Pain Price “, or the price at which the crypto currency would make investors lose more money. Hence, the interest of the sellers (the house, as Juanbiter calls them) to affect the market valuation of BTC.
For this wave of contracts to be settled, the price of the biggest losses would be $ 44,000 per Bitcoin. Whales would target that price, although it would mean a drop of around 20% with respect to the price of the crypto currency, which is currently around $ 55,000.
Rodríguez pointed out that in recent months the price of Bitcoin has remained sideways (without many highs or lows) or down in the days before large option liquidations. However, just as the liquidations pass, the following days the crypto currency has seen increases of up to 30% in its price.
Market behavior in recent days seems to coincide with Rodriguez’s analysis. Bitcoin has somewhat lost its bullish strength, returning to levels between $ 53,000 and $ 57,000. Shortly before, it had once again touched USD 60,000 in price.
However, it has not come close to losing the floor of $ 50,000 to touch the levels that the analyst indicates as targets for the whales.
In the event of the 30% increase predicted by Juanbiter, Bitcoin would pass $ 70,000 in the coming weeks. If so, Bitcoin would approach the next target price set by market analyst Willy Woo: around $ 74,000, this outlet recently reported.
The closest antecedents suggest that it is possible to see this scenario after the expiration of the contracts this Friday. Also via Twitter, the analyst and founder of Unspent Capital, James Viggiano, pointed out at the end of February that, since October, each sale has been followed by an increase of at least 24% in the price of BTC.
The long-term expectation places Bitcoin above $ 100,000, and even reaching $ 300,000 at its highest point in this bull market cycle. What happens in the coming months remains to be expected, although these forecasts are backed by renowned analysts and metrics that measure the historical behavior of previous cycles.