Crypto Expert Reveals Year-End Prediction for Bitcoin

MetaversePlanet November 20, 2023

0 1 minute read

During the summer, Bitcoin (BTC) and altcoins went through a period of stagnation, but the market has recently witnessed a significant rally. Key figures in the cryptocurrency sector are now sharing their predictions for year-end prices.

Crypto expert Markus Thielen, Head of Research at Maxiport and founder of DeFi Research, has offered his forecast for BTC as the year comes to a close.

Thielen, optimistic about the market’s potential for further growth, points to the likelihood of decreasing inflation and the possibility of interest rate cuts in the US. Based on these considerations, he anticipates that the price of BTC will reach at least $40,000 by the year’s end.

Contents show

Major BTC options are expiring

Crypto Expert Reveals Year-End Prediction for Bitcoin

In addition to his wider market perspective, Markus Thielen also touched upon specific trends within the BTC options market, particularly focusing on significant options nearing their expiration dates.

He highlighted that towards the end of November and December, the rates for uncovered calls on two substantial options—one valued at $7.5 billion and the other at $4.85 billion—hit 3%. Thielen proposed that this scenario would compel options traders to keep buying BTC as a hedging strategy up until these critical dates.

When is the Fed rate cut?

Consumer inflation in the US recently decreased to 3.2 percent, falling below expectations. This reduction has fueled speculation that the Federal Reserve may move up its timeline for adjusting the discount rate.

Market predictions are now inclined towards the Federal Reserve initiating rate cuts by late spring 2024. According to CME FedWatch data, there’s an 84.4 percent probability of a rate cut at the Federal Open Market Committee (FOMC) meeting set for June 12, 2024.