Bitcoin has been struggling between $9,000 and $10,000 for the past few weeks. In every attempt to cross psychological at $10k, bears made it impossible. Prominent crypto Youtuber and analyst believes that Bitcoin will trade between $6,000 and $10,000 for most of the year.
In his latest YouTube episode over crypto, Tone Vays compares Bitcoin with traditional markets and talks about the correlation between the digital assets market and the stock market. Many times, the price value dropped suddenly due to loss in the equity markets.
“have no reason to walk away from my prediction early in the year that Bitcoin is going to get stuck between $6,000 and $10,000 for the majority of this year.”
While legacy markets start recovering to normal condition, a rise in Coronavirus cases again put a danger for markets. The second wave of COVID-19 may halt the reopening of the companies and public sectors which can ultimately pour a negative effect on the economy.
While referring to traders on the crypto derivatives exchange BitMEX, the traders are “are a little bit overzealous to the downside.” And in case of bearish take over on BTC markets, the lowest possible level stands at $7,000.
Biggest Options Expiry Ever
Tomorrow, there is a very unnatural day for Bitcoin as the biggest option expiry will happen. Per the analysts, options expiry will follow great volatility.
Options trading site, Deribit, tweeted:
“Only 24 hours until the Q2 expiry! Are you ready? Our option stats: Crypto market total OI: $1.96 billion. Deribit Option market total OI: $1.4 Billion. BTC June 26th OI: 73,634 contracts worth $675.3 million. ETH June 26th OI: 308,635 contract worth $71.4 million.”
A crypto analyst claims there will be no volatility at all due to options expiry on June 26:
“It seems to me the volatility everyone expects for the June 26 options expiry already happened, so with that premise I think the highest we could go is ~9480 around the squiggle, where the VAL of previous range + POC + VAH of this range are resting. TLDR: More ranging.”