Despite the price correction of leading cryptocurrencies, the options market remains heavily skewed towards growth. This suggests the possibility of a rally restart by the end of the year, noted analysts at QCP Capital.
“This is confirmed by significant interest in long-term options with a strike price of $100,000-120,000,” the experts added.
However, they predict that cryptocurrencies will behave “meekly” in the third quarter, partly due to uncertainty surrounding the Mt. Gox factor.
The analysts also noted that the American stock market “reached new heights” following a statement by Fed Chairman Jerome Powell that the US economy is on a path to reducing inflation. However, this macro factor did not positively impact Bitcoin and Ethereum, whose prices remain slightly above $60,000 and $3,300, respectively.
Technical analyst Ali Martinez observed that amid the current correction, many market participants have bet on the rise of digital gold.
As #Bitcoin dipped below $60,000, traders on @Binance increased their $BTC exposure. Now, about 75.40% of all traders with an open #BTC position on this exchange are going long! pic.twitter.com/E2sYGhAHmH
— Ali (@ali_charts) July 3, 2024
According to his observations, over 75% of traders on the largest crypto exchange Binance have open long positions on Bitcoin, although the day before this figure was 65%.
Earlier, analysts at Standard Chartered expressed the opinion that the first cryptocurrency could reach a new all-time high in August.