Bitcoin futures traders predict a price of $70,000 before the halving
Bitcoin futures traders on the decentralized exchange Lyra predict that the asset will reach $70,000 by the end of April. The next bitcoin halving will be in April, after which many experts, including SkyBridge Capital's Anthony Scaramucci, expect the price to rise despite options and traders looking bullish.
Lira traders predict with 20% certainty that the price of BTC will rise to a new all-time high of $70,000 on April 26, 2024.
Bitcoin futures traders called $50,000
The prediction comes after Lira clients correctly predicted Bitcoin's $50,000. The volume of $52,000 call options increased last week before Bitcoin was formed. However, crypto derivatives trader Samnet Chepal noted that the volume increased after February 7, when the lira introduced new incentive programs, which makes it difficult to identify the cause.
“Also, it is interesting to see a higher move in volumes after February 7 when new Lira stimulus was announced. It's hard to find the reason because the crypto has been filled at the same time but it's great to see the volumes rise! Chepal said.
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Lira is the largest Bitcoin futures decentralized crypto exchange. Trading volume for the past 24 hours has reached $32 million, a 134 percent increase over the past seven days.
Predictions of a higher Bitcoin price are widespread.
The mood of lira traders coincides with an increase in open interest in Bitcoin futures contracts on centralized exchanges, which is a widespread trend in the market to speculate on the price of Bitcoin futures. Open demand rose to $23 billion earlier this week, with BeInCrypto reporting 15,766 calls to $50,000 at a notional price of $822 million earlier today.
The next bullish event for Bitcoin is the 2024 halving, which will reduce the number of coins released with each Bitcoin transaction block mined. Crypto market participants weighed in on the price of Bitcoin after this event. Grayscale Investments predicts that Bitcoin's surge this half-cycle will soon lead to a mix of flows into Bitcoin exchange-traded funds (ETFs) and on-chain activity.
Speaking on Bloomberg Television earlier today, Anthony Scaramucci, CEO of alternative investment firm Skybridge Capital, said he expects BTC to reach $170,000 within 18 months of the BTC halving. According to a previous podcast, Bitcoin has quadrupled from its pre-halving price in the last 14 years, and expects that to continue.
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“There's technical analysis you can do over the last 14 years. If you multiply that by four times the price at the time of the halving, that's typically where Bitcoin ran during that cycle. You guys are seeing that the network is only producing 900 coins a day and you know now you have about 12 times the demand of that and that's why you're seeing the inflation,” Scaramucci said.
BeInCrypto reached out to CME Group, the traditional Bitcoin futures platform, for comment but had yet to hear back at press time.
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