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Bitcoin bulls await $15 billion options expiry: Is $80K inevitable?

Bitcoin bulls await $15 billion options expiry: Is $80K inevitable?

With the arrival of the deadline for the cryptocurrency options exchange Deribit to settle its $15 billion contracts in Bitcoin (BTC) and Ethereum (ETH), Bitcoin bulls in particular have a strong reason to rejoice, as early as this weekend or next week, with a possible $80,000 waiting around the corner.

Specifically, Bitcoin is still trading above its 2021 all-time high (ATH), with the possibility of a breakout this weekend or next week, against the backdrop of the expected expiration of $15 billion in digital assets, as the crypto analyst CryptoJelleNL noted in an X post on March 29.

Bitcoin price prediction

On top of that, the pseudonymous crypto trading expert has shared the BTC price prediction that sees the flagship decentralized finance (DeFi) asset hitting the target at $80,000 in “a matter of time,” as it has recently broken out of its descending broadening wedge and above its weekly support.

BTC price prediction and action analysis
BTC price prediction and action analysis. Source: CryptoJelleNL

Earlier, this crypto expert also highlighted that Bitcoin was breaking out of its cup & handle chart pattern, a movement that typically happens after an uptrend and suggests that the market is preparing “for a new move higher,” which in Bitcoin’s case is a “target of roughly $80,000.”

Bitcoin’s cup & handle pattern. Source: CryptoJelleNL

Bitcoin price analysis

Meanwhile, the maiden crypto asset was at press time changing hands at a price of $70,140, recording a decline of 0.86% on the day but nonetheless increasing 9.19% across the past week, and adding up to the more significant 18.08% gain in the last month, according to the latest charts on March 29.

Bitcoin price 30-day chart
Bitcoin price 30-day chart. Source: Finbold

It is also important to mention that Bitcoin might be looking at even more impressive gains in this cycle, at least where crypto specialist TradingShot is concerned, deriving a BTC price prediction target at $200,o00 on the basis of the asset’s remarkable resistance and previous patterns, as Finbold reported on March 28.

All things considered, things are looking great for the future price of Bitcoin, but the cryptoverse can sometimes be a volatile place, and making a definitive Bitcoin price prediction is a difficult task, so doing one’s own research is critical when investing.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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