Bitcoin ($BTC) and Ethereum ($ETH) Could See Massive Gains in Period of ‘Absolute Pleasure’, Popular Analyst Says

The anonymous host of the popular YouTube channel InvestAnswers, who has in the past said he expects Bitcoin’s price to hit $1.5 million by 2030, is forecasting bullish price tracjetories for both Bitcoin ($BTC) and Ethereum ($ETH) in the near future.

In a recent video shared with the host’s dedicated following of 445,000 subscribers, he disclosed that the anticipatory rise of Bitcoin to $42,000 by April 2024 would not come as a surprise, based on trends observed in the options market.

According to InvestAnswers, Bitcoin’s call options have attracted more demand than put options, indicating a decidedly bullish sentiment. Call options, it’s worth noting, are products that grant the holder the right but not the obligation to urcahse an asset at a specified price within a certain timeframe.

Conversely, put options allow but don’t oblige the holder to sell an asset under the same conditions. InvestAnswers’ host noted that for late this year there’s a “huge amount of action at the $45,000 level,” and added that the put-call ratio is now at 0.39, which “is very bullish.” He added:

I said many times before I would not be surprised if we saw $42,000 by April 2024 at the time of the halving. According to the [chart below], we could be there by Christmas – $45,000+. Again if these options actions’ players are correct

Switching to Ethereum, the anonymous analyst is interpreting the put-call ratio for this second-largest cryptocurrency by market capitalization as an “extremely bullish” harbinger. Per his words there’s a “lot of call demand again at $2,500 for ETH, same date December 29, 2023.”

The put-call ratio here, he said, is at 0.21, which is “extremely bullish” and “pretty much nobody” is buying puts on Ethereum as the market is expecting the cryptocurrency to surpass $2,000 and go up to $2,500 by Christmas.

The host added that the timing may be unpredictable, but the next five months promise to be exciting, as will the year after that. Per his words, there will be 18 months of “absolute pleasure” to come.

As CryptoGlboe reported, cryptocurrency analyst Willy Woo has recently indicated that he believes the price of the flagship cryptocurrency Bitcoin is in the “early stages of another price squeeze,” suggesting the cryptocurrency’s price could surge in the near future.

Woo’s words come as major financial powerhouses that collectively manage an astounding $27 trillion in assets are making inroads into the world of Bitcoin and cryptocurrency after a race to list the first spot Bitcoin exchange-traded fund (ETF) in the United States kicked off.

These financial behemoths, which include BlackRock, Fidelity, JP Morgan, Morgan Stanley, Goldman Sachs, BNY Mellon, Invesco, and Bank of America are “actively working to provide access to Bitcoin and more,” according to CoinShares’ Chief Strategy Officer Meltem Demirors.

Featured image via Unsplash.

Source: Read Full Article