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Following bitcoin’s significant market activity this week, conversations around the bull market have hit a high pitch, with numerous predictions of substantial increases in the leading crypto asset’s price cycle. Evidence indicates that call options, with strike prices ranging from $80,000 to $100,000, are now in the mix, as speculators exhibit strong optimism.
Bitcoin Bull Market Buzz: Optimism Fuels Predictions of Price Peaks
Global data from Google Trends in the last three months shows that the search term “bitcoin” reached a peak score of 100 on March 5. This surge in curiosity is coming from diverse nations, with the majority of related subjects and topics linked to the term focusing on “exchange-traded fund.” On the social media platform X, the topic “bitcoin bull market” has likewise hit peak levels. Tuur Demeester, the editor-in-chief of Adamant Research, offered his insights on Friday.
“I think we’re gearing up for an epic bull market in bitcoin,” Demeester said. “Just like in the most aggressive cycles in the past (2012 & 2015), we are seeing very minimal price drawdowns. In other words, supply is low and dips are getting bought aggressively.”
Numerous bitcoin enthusiasts echo similar views, and many have cautioned against potential downturns that might materialize during the bull run. The X account known as The Bitcoin Therapist conversed about these sorts of price adjustments that could occur. “Last bull market, bitcoin had 13 corrections of 10% or more from $3,800 to $69,000,” the bitcoin proponent wrote. The social media account with nearly 86,000 followers added:
You thought we were going to get to $500K without a few dips? Intelligent money is pouring into bitcoin and no one knows how high this thing is going. Act accordingly.
In recent weeks, much speculation has emerged, and well-known price models have made a comeback. A particular price model suggests that bitcoin (BTC) could potentially hit the $1 million milestone by adhering to specific Power Law corridor lines and maintaining a steady growth rate. In a CNBC interview, Pomp Investments’ Anthony Pompliano said he believes bitcoin could double soon. Onchain analyst Willy Woo thinks the bull is just warming up.
According to a Bloomberg report, call options are also witnessing wagers in the $80,000 to $100,000 bracket. Citing figures from Amberdata, the report highlights that 12% of open interest is leaning towards these predictions. “Open interest is still sky high and there’s still rampant speculation,” noted Zaheer Ebtikar, founder of the cryptocurrency fund Split Capital, in the report.
What do you think about the current bullish fervor surrounding bitcoin right now? Share your thoughts and opinions about this subject in the comments section below.