Journalist
Posted:
- The crypto worry and greed index hit ‘excessive greed’ as bullish bets on +$100K intensified.
- The retail market was again and will compound a worth pullback situation for BTC.
Bitcoin [BTC] has fluctuated round $90K for some time, however the market curiosity has remained elevated, hitting an ‘excessive greed’ standing per the Crypto Concern and Greed Index (FGI).
In line with Soso Worth knowledge, this was the fifth ‘excessive greed’ sign (above 80) on FGI since 2021.
Supply: Soso Worth
Per historic tendencies, an FGI above 80 coincided with BTC’s native and cycle tops. In early 2024, BTC hit an area prime above $73K when an ‘excessive greed’ standing was hit.
In 2021, the same sign correlated with an area prime in February, adopted by a cycle prime in August.
Will the pattern repeat and set off a worth pullback? Excessive bullish sentiment within the choices market disagreed with such a situation, a minimum of till BTC hit +$100K.
BTC choices merchants eye $95K — $110K targets
In line with the most recent knowledge insights from Deribit, massive gamers’ positioning remained bullish as they dumped $75K and $85K places (bearish bets) and elevated $95K-$110K calls (bullish bets).
A part of the Deribit update learn,
“Notional roll-up of Nov 84k to Dec 90k Calls. Extra early shopping for of Nov90, Dec90+95k Calls.2-way motion Nov+Dec 100k Calls. Later dumping of Dec 75+80k Places + 90k Calls+ Straddles. Shopping for throughout Dec+Mar 110k+ Name spreads. Positioning stays bullish bias.”
Put in a different way, most hedge funds didn’t anticipate BTC to drop beneath $80K or $75K (promoting of Dec 75+80K places).
Quite the opposite, they eyed additional rally, with potential targets of $95K-$110K between December and early 2025.
Related worth targets have been painted on the BTC’s 2-week chart. The following key upside targets have been at $95.8K and $102K.
With the value momentum, the Stochastic RSI, inches away from hitting an overbought situation, BTC may try and eye these targets.
Supply: BTC/USDT, TradingView
Nonetheless, the retail was again available in the market, one of many loudest indicators of a possible native or cycle prime, as whales all the time use them as exit liquidity.
Learn Bitcoin [BTC] Price Prediction 2024-2025
Nonetheless, CryptoQuant founder, Ki Younger Ju, cautioned {that a} worth correction could possibly be probably however won’t mark the start of a bear section. He mentioned,
“If I have been a giga whale, I’d watch for extra exit liquidity. It’s simply beginning. Think about retail in FOMO becoming a member of at $100K. We would see some corrections, nevertheless it wouldn’t mark the beginning of a bear market, imo.”
