Bitcoin is expected to beat its all-time high this month as its aggressive macroeconomic outlook continues to support risky assets, experts said Decryption Sunday.
According to Coingecko data, the weekend rally helped to cancel the losses witnessed last week.
Open interest also increased by 7,834 BTC with a surge in spots and permanent purchase volumes. data There are signs with signs from the derivatives platform Coinalyze Show. This move is driven primarily by long speculative positioning.
“There’s still plenty of fuel left in this bull run,” said Sean Dawson, director of research at Derrvie, on-chain options platform. Decryption. Bitcoin is expected to reach “$150,000 by the end of the year,” based on volatility data he added.
The code prices that climbed after last week’s rally have risen Technology Stocka surge in line with US interest rate cuts and investors’ optimism about the dripping US dollar.
Increased correlation between Nasdaq and Bitcoin “explaining recent price action” intelligence newsletter EcoInometrics, focusing on Crypto I wrote it In X’s Sunday post
“Bitcoin may be digital gold, but it trades like a risk-on asset. What really matters is whether the market belongs to a risk-on or a risk-off system,” he wrote.
The market is currently focusing on its July Consumer Price Index Report, scheduled for Tuesday. Economists expect a 10 basis point rise in annual inflation at 2.8%.
The softer than expected print could strengthen expectations for Fed rate reductions as early as September.
“We see the confluence of a lot of macros and political factors that can cause prices to rise,” Dawson said. “Cryptocurrencies usually work very well in low rate environmental conditions.”
Still, some traders are positioned defensively. Dawson points to an increase in demand for put options, suggesting growing concern over potential backlash in inflation data.
It could lead to “mini-panic,” and lead to “a sharp recession,” Dawson added.
