{"id":87915,"date":"2023-12-06T13:19:54","date_gmt":"2023-12-06T11:19:54","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=87915"},"modified":"2025-09-13T14:46:17","modified_gmt":"2025-09-13T11:46:17","slug":"experts-assess-the-odds-of-a-further-bitcoin-rally","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/experts-assess-the-odds-of-a-further-bitcoin-rally\/","title":{"rendered":"Experts assess the odds of a further Bitcoin rally"},"content":{"rendered":"

Bitcoin futures indicators show a ‘supportive sign’ for further upside in the asset’s price in spring 2024. This was stated by Deribit\u2019s chief commercial officer Luuk Striers, The Block reports.<\/p>\n

According to the expert, the futures premium for contracts expiring in March, June and September has continued to widen<\/a> since early October.<\/p>\n

At the moment, the basis, i.e. the difference between spot and futures prices, has surpassed the 10% level.<\/p>\n

\"Bitcoin
Bitcoin futures premium. Data: The Block.<\/figcaption><\/figure>\n
\n

\u00abAn increase in the basis suggests the market expects a rise in the spot price. The annual basis is now 10-12%, implying the market expects the underlying asset to rise by 10-12% over the next year,\u00bb added Striers.<\/p>\n<\/blockquote>\n

Analyst also noted a easing of concerns after the regulatory issues surrounding Binance were resolved<\/a>. In addition, there is escalating geopolitical tension, cooling inflation and a steady rise in institutional engagement, he noted.<\/p>\n

On December 5, the price of digital gold surpassed $43,500<\/a>, and then tested the $44,000 level. The move spurred a large volume of liquidations.<\/p>\n

BTCM chief economist Yu Wei Yan defined $45,000<\/a> as the next critical resistance level for Bitcoin, suggesting a heightened likelihood of a short-squeeze beyond this threshold.<\/p>\n

He stressed that there remains a large open interest on both sides funded with leverage, exposed to liquidations in the event of heightened market volatility.<\/p>\n

According to Coinglass<\/a>, positions worth about $265 million were liquidated in the past 24 hours, $173 million of which were shorts.<\/p>\n

\"Bitcoin
Data: Coinglass.<\/figcaption><\/figure>\n

Analysts at Bitfinex noted bulk of liquidations at the $41,950 and $42,200 levels. At these marks, Bitcoin’s price experienced a ‘bullish catapult’ as buying to close short positions pushed the quotes higher.<\/p>\n

As of writing, the leading cryptocurrency was trading at $43,960. The coin’s market capitalization stands at $859 billion<\/a>.<\/p>\n

\"Bitcoin
15-minute BTC\/USDT chart on Binance. Data: TradingView<\/a>.<\/figcaption><\/figure>\n

Earlier ForkLog experts shared views<\/a> on the reasons for the current rally in digital gold.<\/p>\n

Earlier in December, Matrixport analysts confirmed<\/a> the forecast for Bitcoin to rise to $63,000 by April 2024.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin futures indicators show a ‘supportive sign’ for further upside in spring 2024.<\/p>\n","protected":false},"author":1,"featured_media":87916,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1145,1150],"class_list":["post-87915","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-market-analysis","tag-news-plus"],"aioseo_notices":[],"amp_enabled":true,"views":"15","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/87915","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=87915"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/87915\/revisions"}],"predecessor-version":[{"id":87917,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/87915\/revisions\/87917"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/87916"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=87915"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=87915"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=87915"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}