Journalist
Posted:
- The crypto concern and greed index hit ‘excessive greed’ as bullish bets on +$100K intensified.
- The retail market was again and will compound a value pullback situation for BTC.
Bitcoin [BTC] has fluctuated round $90K for some time, however the market curiosity has remained elevated, hitting an ‘excessive greed’ standing per the Crypto Worry and Greed Index (FGI).
In response to Soso Worth information, this was the fifth ‘excessive greed’ sign (above 80) on FGI since 2021.
Supply: Soso Worth
Per historic tendencies, an FGI above 80 coincided with BTC’s native and cycle tops. In early 2024, BTC hit a neighborhood prime above $73K when an ‘excessive greed’ standing was hit.
In 2021, an identical sign correlated with a neighborhood prime in February, adopted by a cycle prime in August.
Will the pattern repeat and set off a value pullback? Excessive bullish sentiment within the choices market disagreed with such a situation, no less than till BTC hit +$100K.
BTC choices merchants eye $95K — $110K targets
In response to the newest information insights from Deribit, giant gamers’ positioning remained bullish as they dumped $75K and $85K places (bearish bets) and elevated $95K-$110K calls (bullish bets).
A part of the Deribit update learn,
“Notional roll-up of Nov 84k to Dec 90k Calls. Extra early shopping for of Nov90, Dec90+95k Calls.2-way motion Nov+Dec 100k Calls. Later dumping of Dec 75+80k Places + 90k Calls+ Straddles. Shopping for throughout Dec+Mar 110k+ Name spreads. Positioning stays bullish bias.”
Put otherwise, most hedge funds didn’t count on BTC to drop under $80K or $75K (promoting of Dec 75+80K places).
Quite the opposite, they eyed additional rally, with potential targets of $95K-$110K between December and early 2025.
Comparable value targets have been painted on the BTC’s 2-week chart. The subsequent key upside targets have been at $95.8K and $102K.
With the value momentum, the Stochastic RSI, inches away from hitting an overbought situation, BTC might try to eye these targets.
Supply: BTC/USDT, TradingView
Nevertheless, the retail was again out there, one of many loudest alerts of a possible native or cycle prime, as whales at all times use them as exit liquidity.
Learn Bitcoin [BTC] Price Prediction 2024-2025
Nevertheless, CryptoQuant founder, Ki Younger Ju, cautioned {that a} value correction could possibly be seemingly however may not mark the start of a bear section. He mentioned,
“If I have been a giga whale, I’d watch for extra exit liquidity. It’s simply beginning. Think about retail in FOMO becoming a member of at $100K. We would see some corrections, but it surely wouldn’t mark the beginning of a bear market, imo.”
