👍👍Bitcoin Exceeded $90,000, But the Risk of a Decline Is Not Over! Analyst Explains the Reasons! 👍👍
The leading cryptocurrency Bitcoin (BTC) climbed above the $93,000 level with the rise it started after Donald Trump's presidential victory. However, with the statements of US Federal Reserve (FED) Chairman Jerome Powell stating that they will not rush to lower interest rates, the BTC price started to decline.
The price of Bitcoin fell to $87,600 with this pullback. Analysts state that market data indicates a correction movement.
According to Coindesk, BloFin Research and Options President Griffin Ardern stated that the options market is ready for a potential decline despite Bitcoin exceeding $90,000. Ardern stated that the options market data obtained from Deribit showed that investors were prepared for possible price declines.
The analyst said that the leftward shift in the probability distribution, especially seen in the options market, indicated that lower price levels were expected in the future. "The implied probability distribution observed for different expiration dates in Bitcoin options has shifted significantly to the left. Such a shift was also observed in MSTR and COIN shares," he said.
According to this data, investors predict that BTC and altcoin prices are still high and that further pullbacks may occur in the coming period. However, the analyst also stated that most investors continue to take positions hoping that Bitcoin will reach $ 100,000 and that the market is still ready for a potential rise.
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