{"id":509978,"date":"2022-11-24T16:11:00","date_gmt":"2022-11-24T16:11:00","guid":{"rendered":"https:\/\/wncen.com\/?p=509978"},"modified":"2024-06-11T07:51:14","modified_gmt":"2024-06-11T07:51:14","slug":"bitcoin-shakes-off-the-bears-and-aims-for-20000-by-end-of-year-can-it-make-it","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-shakes-off-the-bears-and-aims-for-20000-by-end-of-year-can-it-make-it\/","title":{"rendered":"Bitcoin Shakes Off the Bears and Aims for $20,000 By End Of Year, Can It Make It?"},"content":{"rendered":"

Bitcoin remains rangebound, hovering around its yearly lows, with some short timeframe bullish momentum. The cryptocurrency suffered amid the FTX\u2019s collapse and the subsequent contagion, but market participants seem more optimistic about potential profits.\u00a0<\/span><\/strong><\/p>\n

Related Reading: Data Signals Major Red Flag As Chainlink (LINK) Rises 8% Over Last 7 Days<\/a><\/div>\n

As of this writing, Bitcoin has retraced back to yesterday\u2019s highs. The BTC\u2019s price is trading at $16,500 with sideways movement across the board. Other cryptocurrencies in the top 10 by market cap display similar price action. XRP remains the best-performing asset on the ranking.\u00a0<\/span><\/p>\n

\"Bitcoin
BTC’s price moving sideways on the daily chart. Source: BTCUSDT Tradingview<\/strong><\/a><\/figcaption><\/figure>\n

Bitcoin Sentiment Improves On The Derivatives Sector<\/h2>\n

Data from the Options platform Deribit indicates<\/a> that the shift in sentiment impacts this sector. The FTX collapse and the uncertainty around other crypto companies, such as Digital Currency Group (DCG) and crypto lender Genesis, kept the market on its toes.<\/span><\/p>\n

The latter company halted the withdrawal requests from its customers, and it\u2019s looking to raise emergency capital to resume operations. According to the rumors that circulated last week, Genesis\u2019s parent company DCG might be affected.\u00a0<\/span><\/p>\n

The company denied the speculations and reaffirmed its long-term intentions to stay in the industry. As a result, the crypto market bounced as investors\u2019 confidence improved. In addition, the U.S. Federal Reserve is hinting at a potential pivot.\u00a0<\/span><\/p>\n

These two elements support the bullish momentum. Deribit noted that bulls took advantage of last week\u2019s downside price action to accumulate Calls (buy orders) on the cheap.\u00a0<\/span><\/p>\n

Optimistic investors are acquiring calls with strike prices above $17,000, $18,000, and $19,000 into December. In other words, the options market is betting on Bitcoin, trending higher by the end of the year.\u00a0<\/span><\/p>\n

Deribit noted the following on Implied Volatility (IV), a metric affected by recent events. The metric is returning to normal levels hinting at the market finally absorbing any risk associated with FTX: However, options with close expiration dates (December 2th) might decay in value due to the low trading volume weekend.\u00a0<\/span><\/p>\n

(\u2026) the news flow reprieve has also allowed implied vol to retrace from a high-tension backwardation a few days ago, to a more normal contango term structure.<\/p><\/blockquote>\n

\"Bitcoin
BTC Options’ implied volatility declines after the FTX collapse. Source: Deribit<\/figcaption><\/figure>\n

A Christmas Miracle?<\/h3>\n

In the last 24 hours, the options trading venue noted, bearish investors have been offloading some of their sell (put) contracts. These investors are betting on Bitcoin going lower than $10,000. There is still some bearish activity targeting the end of 2022.\u00a0<\/span><\/p>\n

However, these investors might be hedging long spot positions and shielding themselves from potential unexpected events. The current state of the crypto market and the possibility of more contagion make this strategy favorable for long-term investors.\u00a0<\/span><\/p>\n

Additional data provided<\/a> by Deribit indicates that the sector has almost $5 billion in total Open Interest (OI). The majority of this metric seems positioned to the upside.\u00a0<\/span><\/p>\n

Related Reading: Survey Suggests Institutional Investors Still Interested In Crypto<\/a><\/div>\n

For the December 30th expiry, bullish investors are betting at Bitcoin surpassing $30,000. The max pain scenario, where most options expired worthless, stands at $20,000.\u00a0<\/span><\/p>\n

\"Bitcoin
BTC Options’ Open Interest for the December 30th expiry. Source: Deribit<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"

Bitcoin remains rangebound, hovering around its yearly lows, with some short timeframe bullish momentum. The cryptocurrency suffered amid the FTX\u2019s collapse and the subsequent contagion, but market participants seem more optimistic about potential profits.\u00a0 Related Reading: Data Signals Major Red Flag As Chainlink (LINK) Rises 8% Over Last 7 Days As of this writing, Bitcoin has retraced back to yesterday\u2019s highs. The BTC\u2019s price is trading at $16,500 with sideways movement across the board. Other cryptocurrencies in the top 10 by market cap display similar price action. XRP remains the best-performing asset on the ranking.\u00a0 Bitcoin Sentiment Improves On The Derivatives Sector Data from the Options platform Deribit indicates that the shift in sentiment impacts this sector. The FTX collapse and the uncertainty around other crypto companies, such as Digital Currency Group (DCG) and crypto lender Genesis, kept the market on its toes. The latter company halted the withdrawal requests from its customers, and it\u2019s looking to raise emergency capital to resume operations. According to the rumors that circulated last week, Genesis\u2019s parent company DCG might be affected.\u00a0 The company denied the speculations and reaffirmed its long-term intentions to stay in the industry. As a result, the crypto market bounced as investors\u2019 confidence improved. In addition, the U.S. Federal Reserve is hinting at a potential pivot.\u00a0 These two elements support the bullish momentum. Deribit noted that bulls took advantage of last week\u2019s downside price action to accumulate Calls (buy orders) on the cheap.\u00a0 Optimistic investors are acquiring calls with strike prices above $17,000, $18,000, and $19,000 into December. In other words, the options market is betting on Bitcoin, trending higher by the end of the year.\u00a0 Deribit noted the following on Implied Volatility (IV), a metric affected by recent events. The metric is returning to normal levels hinting at the market finally absorbing any risk associated with FTX: However, options with close expiration dates (December 2th) might decay in value due to the low trading volume weekend.\u00a0 (\u2026) the news flow reprieve has also allowed implied vol to retrace from a high-tension backwardation a few days ago, to a more normal contango term structure. A Christmas Miracle? In the last 24 hours, the options trading venue noted, bearish investors have been offloading some of their sell (put) contracts. These investors are betting on Bitcoin going lower than $10,000. There is still some bearish activity targeting the end of 2022.\u00a0 However, these investors might be hedging long spot positions and shielding themselves from potential unexpected events. The current state of the crypto market and the possibility of more contagion make this strategy favorable for long-term investors.\u00a0 Additional data provided by Deribit indicates that the sector has almost $5 billion in total Open Interest (OI). The majority of this metric seems positioned to the upside.\u00a0 Related Reading: Survey Suggests Institutional Investors Still Interested In Crypto For the December 30th expiry, bullish investors are betting at Bitcoin surpassing $30,000. The max pain scenario, where most options expired worthless, stands at $20,000.\u00a0<\/p>\n","protected":false},"author":535,"featured_media":506724,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,78790],"class_list":["post-509978","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin Shakes Off the Bears and Aims for $20,000 By End Of Year<\/title>\n<meta name=\"description\" content=\"Bitcoin (BTC) remains rangebound, hovering around its yearly lows, with some short timeframe bullish momentum.\" \/>\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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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. 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