Bitcoin Price Prediction: Will the January Rocket Continue?

The impressive BTC reports delivered last week concluded appraisal after a long time span of patience and consistent poor performance. Following Bitcoin’s spectacular rise above $40,000, options traders have been increasingly enthusiastic. These traders are upbeat, with their hopes resting on the probable approval of a spot Bitcoin ETF, which is expected in the first 10 days of 2024.

Market reports

Closely observing the market reports this very week, BTC is back again to its previous position with less than 50% mark. Other reports positively chalk out the path for January options. The entire scenario depicts the flashback of January 2020, reported CryptoBasic.

As important derivatives indicators remain reasonably constant, the present bull market is mostly affected by spot trading. Futures premiums were determined to be stable at around 10%, while implied volatilities (IV) for options had not increased much. The platform demonstrates that contextualising this surge and the news of the ETF’s anticipated approval is critical. As a result, it was discovered that the spot-driven bull market forecasts a limited downside.