BTC Options Concentrated at 80000 as Bullish Sentiment Surges in November

CoinWorld.com Reports:
$100,000 may just be a matter of time.
Authored by: BitpushNews
On Tuesday, gold continued its upward trend, while the stock market and cryptocurrency market traded sideways.
According to Bitpush data, Bitcoin bulls continue to be hindered by resistance between $68,000 and $70,000. As of press time, the Bitcoin trading price is $67,672, with a 24-hour volatility of less than 1%.


In the past 24 hours, altcoins have shown weak momentum, with tokens ranked within the top 200 in market capitalization experiencing more declines than gains. The top gainers are Popcat (POPCAT), up 9.8%; Ponke (PONKE), up 9.4%; Uniswap (UNI), up 4.7%; while the biggest loser is ApeCoin (APE), down 17.4%; followed by Scroll (SCR), down 13.3%; and dYdX (DYDX), down 10%.
Currently, the overall market capitalization of cryptocurrencies is $2.33 trillion, with Bitcoin’s market dominance at 57.3%.
In the US stock market, the S&P 500 and Dow Jones indices closed relatively flat, while the Nasdaq index closed up 0.18%. Spot gold hit a new high above $2,748 per ounce during intraday trading.
$80,000 concentration of November Bitcoin options open interest (OI), $100,000 is just a matter of time
According to data from cryptocurrency exchange Deribit, the open interest (OI) of Bitcoin call contracts expiring at the end of November (the value or quantity of outstanding futures contracts that have not expired) is concentrated around $80,000.
Despite many analysts linking Bitcoin’s trend to the increasing probability of a Trump victory, David Lawant, Head of Research at FalconX, stated in an interview with Bloomberg that Bitcoin “could perform well regardless of the election outcome.”
Joel Kruger, Market Strategist at LMAX Group, stated in a report, “It feels inevitable that Bitcoin will break to new all-time highs, and that moment is getting closer. Market performance has been very strong in recent days, consistent with seasonal trend analysis, which predicts a strong October performance.”
He added, “The next significant obstacle is $70,000, which coincides with the high point in July 2024 and is close to the all-time high of $73,835 reached in March. So far, options and strike prices have been striving to maintain the market cap. But the pressure to break the $70,000 resistance is growing, and according to our technical analysis, this could lay the foundation for breaking the all-time high.”
Regarding the Bitcoin price before the election, John Glover, Chief Investment Officer at Ledn, pointed out, “The current support level is $65,000, and I believe that in the days leading up to the election, the BTC price will test the previous high of $73,000.”
Analysts generally believe that the upcoming US election is a major influencing factor in the current cryptocurrency market. However, according to TradingShot analyst TradingView, the four-year cycle of Bitcoin will soon become the main driving force in the cryptocurrency market.
In an update on Tuesday, TradingShot wrote, “It’s been a while since we last used Mayer Multiple Bands (MMB) to analyze Bitcoin, but now is the best time to release the latest dynamics. With only two weeks left before the US presidential election, the market is about to experience a bull market breakthrough, and this time, we observe the price trading situation on this date every four years.”
TradingShot explained, “The trading cycle of BTC is roughly four years, maintaining a high degree of symmetry, and the trend is highly likely to repeat itself each time. Currently, approaching the end of October 2024, the price is trading within the average MM (black trend line) and the first SD above (gray trend line). It has started to rise from the average MM.”


He pointed out, “According to the four-year cycle theory, the trends in October 2020, October 2016, and October 2012 are within a highly similar range, with a significant degree of symmetry. This indicator once again proves this point. We can also see that every four years at this time, the price has started to rise from the average MM, just like now. The green rectangle in the chart shows the date range between the 4-year interval and the peak of the bull market cycle. In October 2012, it took 58 weeks (406 days) to reach the peak, in October 2016, it was 60 weeks (420 days), and in October 2020, it was 55 days (385 days). Therefore, in terms of time, the cycles often reach their peaks around the same period.”
TradingShot believes that “assuming the ‘worst-case scenario’ only touches the ‘2 SD trend line,’ we can set the target range at $190,000 to $250,000, depending on whether the price reaches this range in the middle or near the end of the 55-week interval. However, Bitcoin seems to be starting an exciting rebound.”