Bloomberg reported that crypto enthusiasts have the option of Bitcoin hitting $40,000 as the latter leg of the year approaches.
Also Read: Bitcoin Ready To Break $40,000 Barrier, Crypto Expert Says: ‘It Looks Like It’s Just A Rising Floor’
During this period, the leading virtual asset has seen a notable rise, outpacing the gains of classic investments such as stocks and gold, with a notable rally of around 130% following the crypto crash in 2022.
The positive outlook is boosted by the Federal Reserve’s expected interest rate cuts for next year and the potential approval of the first spot Bitcoin ETF, which combine to form a strong catalyst for crypto-cash.
“To get to $40,000, we just want this approval for the spot Bitcoin ETF,” Fiona Cincotta, senior money markets analyst at City Index Ltd. , told Bloomberg.
Bloomberg also reported that the configuration of positions within the Bitcoin options market suggests a potential trading range of $37,000 to $40,000 for December.
Traders selling bullish calls with a strike value of $40,000 are clearly willing to take the opposite stance, suggesting that this point will serve as a controlling domain for Bitcoin’s potential resurgence.
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