Despite a necessary pullback after many investors started to close their positions with profits, Bitcoin‘s price started to consolidate above $30,000 following the recent rally that began on June 20. The overall sentiment among investors in the market is that the journey towards $35,000 continues.
Bitcoin Price Set to Rise to $35K
As traditional finance companies flock to the sector, interest in cryptocurrencies continues to increase. BlackRock’s iShares spot Bitcoin ETF application to the U.S. Securities and Exchange Commission (SEC) has spurred a chain reaction, causing numerous financial giants such as Valkyrie Investments, Invesco, WisdomTree, and Bitwise to initiate their spot Bitcoin ETF applications. There is now a global corporate rush towards cryptocurrency. Furthermore, the launch of the cryptocurrency exchange EDX Markets, backed by Citadel Securities, Fidelity Digital Assets, and Charles Schwab, has triggered an increase in interest among individual and institutional investors on June 20.
Cryptocurrency investors are currently awaiting Bitcoin to fill the CME Bitcoin Futures gap between $34,455 and $35,180. For those unfamiliar, the CME gap refers to the price gap that appears between the closing price of the Chicago Mercantile Exchange (CME) Bitcoin futures market on Friday and its opening price on Monday. Despite a strong resistance slightly above $30,000, investors believe that the CME gap will soon be filled. The critical point to note is the weekly and monthly closure occurring on June 30.
Bitcoin Expert Comments
On June 30, over 145,000 Bitcoin options with a nominal value of $4.5 billion will expire. The current put/call ratio stands at 0.52, with 95,000 calls and 49,000 puts open. The maximum pain level, the price at which the highest number of options owners would incur a loss, is at $25,000. Meanwhile, at the time of writing this report, BTC is trading near the $30,750 level.
Crypto analysts Crypto Tony and Rekt Capital predict that if BTC makes a monthly close above $29,300, there’s a high likelihood of a short-term price increase to the range of $33,000 to $35,000. Leading crypto analyst Michael van de Poppe, on the other hand, anticipates a significant rally towards $40,000 in the largest cryptocurrency.
