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Bitcoin price

Bitcoin Price Prediction: Expert Sees $100,000 In Just 3 Months, Citing Key Indicator

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

The Bitcoin price had struggled to regain its bullish momentum after a sharp decline earlier this month, when it plunged to $49,000. 

On Wednesday, the largest cryptocurrency by market capitalization reached a trading price of $58,700, but concerns about another potential crash, reminiscent of the drop on August 5, continue to loom over investors.

Bitcoin Price Poised For 60% Gain?

In this context, market expert Timothy Peterson has highlighted a compelling indicator that may provide insight into the Bitcoin price trajectory over the next three months. 

In a recent social media post, Peterson pointed out the surprising predictive power of high-yield bonds (HYG) on Bitcoin’s price movements. 

Related Reading: OpenSea Faces SEC Wells Notice Over NFT Classification As ‘Securities’

Peterson noted that when Bitcoin is undervalued relative to HYG, it tends to outperform in the subsequent three months. Conversely, when Bitcoin is overvalued compared to high-yield bonds, it could signal impending price declines.

According to a report from Cane Island Digital Research, the current indicator suggests a HYG/BTC ratio of 25%.  This figure is associated with a potential “lognormal” increase of 60% in Bitcoin’s price over the next three months. If the price remains around $60,000, this relationship could reach approximately $109,000 by November.

Warns Of Increased Volatility Ahead

Analyzing the current Bitcoin price action, market research firm CryptoQuant has identified a significant factor in the current downturn: creating a resistance level among short-term holders at their breakeven price. 

According to CryptoQuant, following the 20% drop earlier in the month, short-term holders were sitting on an average loss of 17%. As the price rebounded towards their average cost basis, many opted to sell near their break-even points, reinforcing this resistance level and contributing to the current price stagnation.

Related Reading: Ethereum Founder Reveals Surprising Salary Despite $1 Billion Net Worth – How Much?

Additionally, speculation among traders regarding potential price increases has fostered a fragile trading environment. Since August 5, open interest in Bitcoin futures surged from $13.5 billion to $17.9 billion—a 31% increase—while funding rates remained positive, indicating a premium on perpetual contracts. 

The firm warned that this scenario often leads to instability in traders’ positions, making the market more susceptible to sudden moves, as experienced in the last 24 hours.

The pressure on long positions became evident on Wednesday as Bitcoin long liquidations reached $90 million, marking the highest levels since August 5. The combination of these liquidations and traders being stopped out resulted in a $2.2 billion drop in open interest, further noting the market’s volatility.

Bitcoin price
The daily chart shows BTC’s price downtrend. Source: BTCUSDT on TradingView.com

At the time of writing, the Bitcoin price stands at $58,900, a drop of over 4% in the 24-hour time frame for the largest cryptocurrency.

Featured image from DALL-E, chart from TradingView.com

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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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