Bitcoin Traders Predict $70,000 Price by April on Lyra Exchange
Bitcoin futures traders on the decentralized exchange Lyra are making bold predictions, forecasting that the cryptocurrency will reach $70,000 by the end of April. This aligns with expectations surrounding the upcoming Bitcoin halving event in April, which many believe will lead to a price increase. Lyra traders have assigned a 20% certainty to Bitcoin rising to $70,000 by April 26, 2024, following accurate predictions of a $50,000 rally earlier.
Surge in Volume for $52,000 Call Options
Last week saw a surge in volumes for $52,000 call options, just before Bitcoin's recent breakout. It is difficult to pinpoint the exact cause of this increase in volume, as it coincided with new incentive schemes on Lyra and a general uptick in cryptocurrency prices since February 7.
Lyra Sees Increase in Trading Volume
Lyra, the largest Bitcoin futures decentralized crypto exchange, has seen a significant increase in trading volume. Over the past 24 hours, it recorded about $32 million in trading volume, marking a 134% increase over the past seven days. This surge in volume indicates widespread speculation about Bitcoin's future price.
Anticipation for the 2024 Halving Event
The upcoming 2024 halving event, which reduces the number of coins released per mined Bitcoin transaction block, is seen as the next bullish event for Bitcoin. Experts, including Grayscale Investments, predict that the halving event, along with flows into Bitcoin exchange-traded funds (ETFs) and heightened on-chain activity, will drive the price of Bitcoin up.
SkyBridge Capital CEO Expects $170,000 BTC Price
Anthony Scaramucci, CEO of SkyBridge Capital, expects Bitcoin to reach $170,000 within 18 months following the halving. He bases this prediction on historical performance, noting that Bitcoin has quadrupled its pre-halving price in past cycles. Scaramucci highlights the current demand and supply dynamics as a reason for an anticipated price squeeze to the upside.
Analyst comment
Positive news: Bitcoin futures traders on Lyra predict a $70,000 BTC price by end of April, aligning with expectations for the upcoming halving event. Volume for $52,000 call options surged, and trading volume on Lyra increased by 134%. Open interest in BTC futures contracts also rose. Grayscale and others anticipate the halving, combined with ETF flows and on-chain activity, to drive Bitcoin’s price up. SkyBridge CEO predicts BTC to reach $170,000 in 18 months, based on historical performance. Market outlook: BTC is expected to rise in the short term, driven by halving event and increased demand.
