Expectation of $100,000 in Bitcoin is Back! But Could Another Correction Happen? Analyst Explains!

The price movement of Bitcoin has reignited the bullish expectations of options traders.

Expectation of in Bitcoin is Back

After starting the new week on a positive note following a good weekend for the leading cryptocurrency Bitcoin, it experienced another drop after news of the SEC sending a Wells Notice to Robinhood, falling back to levels around $63,000.

This rise in Bitcoin following the correction in April has reignited the expectations of options traders for BTC to reach $100,000 within 2024.

The rapid recovery of BTC was fueled by Federal Reserve Chairman Jerome Powell stating last week that they do not intend to raise interest rates, along with the impact of the US nonfarm payrolls (NFP) data released on Friday.

This has once again revived the expectations of options traders for $75,000 and $100,000.

QCP Capital analysts, evaluating the recovery in Bitcoin, wrote the following:

“After the recovery towards the end of Friday, we are seeing an upward trend in volatility and ratios over the weekend.

The reversal of BTC risk has been positive (buying is now more expensive than selling).

The reversal of BTC risk to the positive side has renewed demand for BTC, and traders’ expectations for $75,000 and $100,000 in September have been renewed.”

"I am expecting $92,000 in Bitcoin!"

John Glover, Chief Investment Officer of Ledn, also spoke to Coindesk, advocating that Bitcoin could rise to $92,000.

Applying the Elliott Wave theory in his analysis, Glover mentioned that there is a possibility for BTC to drop to $52,000-55,000 before rising to $92,000.

The price movement of BTC continues to follow the path I expect for the 4th Wave according to the Elliott Wave theory.

Although the drop to $56,500 has completed the correction, I still anticipate a price range of $52,000 – $55,000 before the completion of the 4th Wave.

After the completion of the 4th wave, I expect Bitcoin to rise towards $92,000 in the 5th Wave.

*Not financial advice.

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