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Bitcoin Options Analyst Expect BTC To Break $70,000 In 24 Hours: Here’s Why

Dalmas Ngetich
by Dalmas Ngetich
1 year ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin remains within a bullish formation but is technically under pressure, as shown in the daily chart. At spot rates, there are hints of weakness, especially considering buyers’ failure to breach $72,000.

Over $4.7 Billion Of BTC Options Expiring In 24 Hours

However, one CEO of a crypto firm thinks this is about to change. On May 30, over $4.7 billion of Options contracts will expire at 8:00 AM UTC, possibly sparking a rally to lift prices above $70,000, igniting an uptrend continuation.

BTC call options expires in 24 hours | Source: @nicrypto via X
BTC call options expire in 24 hours | Source: @nicrypto via X

In a post on X, the founder points out that most contracts expiring on May 30 are bullish call options, with strike prices exceeding $70,000. Because of this positioning, there appears to be a strong contingent of investors betting on Bitcoin expanding above the psychological $70,000 liquidation line within the next 24 hours.  

Related Reading: Altcoin Party On Hold? Index Hints At Stagnant Market

While this might pan out, lifting sentiment and perhaps sparking more demand to confirm the May 20 gains, only time will tell. Based on the current arrangement, the founder said option traders are closely monitoring the “max pain” price at $65,000. At this level, the largest number of options will expire worthless.

Are Market Makers Pushing Bitcoin Prices Lower: What Happens After Tomorrow?

The odds of BTC drifting lower to this level are also elevated. The analyst said most market makers keep spot prices near the “max pain point” in the lead-up to options expiry dates. Whenever they do this, options dealers, as expected, maximize their profits, rendering most call and put options worthless.

As structured, options give the holder the right, not the obligation, to exercise at a pre-determined price by a given date. Calls allow the trader to buy the underlying asset, in this case, BTC, at a given price. The analyst observes that most calls have a strike price (or exercise price) above $70,000. Only if BTC soars above this level can call options traders buy at the strike price and immediately sell for a profit.

Bitcoin price trending downward on the daily chart | Source: BTCUSDT on Binance, TradingView
Bitcoin price trending downward on the daily chart | Source: BTCUSDT on Binance, TradingView

Presently, BTC is trading at around the $67,700 level. Therefore, if prices track lower, falling towards $65,000, a big chunk of call options will expire out of money, becoming worthless. Even so, this won’t necessarily spell doom and gloom for Bitcoin.

Related Reading: Grayscale Reports Massive Shift In Crypto Sentiment Post-Bitcoin Spot ETFs Approval – Details

Once the expiry period ends, the price impact from market makers will likely subside. Subsequently, BTC prices will likely edge higher in the inevitable repricing, breaking above the $70,000 resistance level.

As prices expand, bulls will be incentivized to re-enter, further driving the coin toward $72,000, confirming the bulls of May 20.

Feature image from Canva, chart from TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Dalmas Ngetich

Dalmas Ngetich

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Dalmas is an experienced journalist with over a decade in Forex, general finance, technology, and blockchain developments. He is currently a crypto reporter for Bitcoinist, where he covers DeFi, blockchain, DeFi, and latest industry news. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, CoinTelegraph, and Entrepreneur, among others. He is passionate about technology and politics and is always on the lookout for the latest trends in these fields. He also loves spending time with his family and friends, exploring nature, and traveling to new places. Connect on X: @Dalmas_Ngetich, or message him directly on Telegram here: @Dalmas_Ngetich.

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