Benzinga - Bitcoin (CRYPTO: BTC) has seen significant gains, closing seven consecutive months in the green for the first time. Analysts are optimistic about Bitcoin’s bullish momentum, anticipating a $150,000 peak.
What Happened: MicroStrategy chairman Michael Saylor tweeted that "Bitcoin is better" as gold reached all-time highs.
MicroStrategy owns 214,246 Bitcoins.
Analysts point to the upcoming quarterly expiry of Bitcoin and Ethereum option contracts on Deribit, which could lead to price volatility. Contracts worth $9.5 billion (Bitcoin) and $5.7 billion (Ethereum) will settle on Friday, March 29.
Also Read: Bitcoin Between ‘$75K To $80K Pre-Halving,’ Crypto Investor Predicts: Open Interest Hits All-Time High
Why It Matters: Bitcoin prices briefly breached the $71,400 mark in Thursday trading. At the time of writing, Bitcoin is changing hands at $70,687, up 3% in the past 24 hours. Pseudonymous trader Altcoin Sherpa tweeted:
$BTC: Next level up, let's see the reactions at the highs pic.twitter.com/44q5oiwiEe— Altcoin Sherpa (@AltcoinSherpa) March 28, 2024
CoinGlass data shows a 3.2% increase in open interest to 38.9 billion. In the past four hours, liquidations totalled 4.72 million, with $4.01 million in long positions, indicating strong bullish sentiment.
Crypto trader Jelle states that Bitcoin is 4% away from a "huge breakout."
He points to previous breakouts from all-time highs leading to "3 weeks of rapid expansion, more than doubling prices in the process."
#Bitcoin is less than 4% away from a huge breakout!The previous all-time high breakouts (April 2017, and December 2020) both led to 3 weeks of rapid expansion, more than doubling prices in the process.
If this pattern repeats — we'd push to ±$150,000 in less than a month