The price of bitcoin has been lingering around the $60K mark, and traders are pondering bitcoin’s direction and next move as the market trades in the negative. The crypto economy is valued at $2.81 trillion at the time of writing, and bitcoin’s market share has been below 40 percent.
On November 10, the price of bitcoin (BTC) reached $69,500, but six days later, on November 16, it plummeted below $60,500 and hasn’t risen over that level since. BTC market share hasn’t been this low since mid-May 2021, over six months ago. It was three years ago on June 17, 2018, that it was lower than 40% previous to the mid-May decline.
PlanB confessed that, for the first time, his worst-case scenario for BTC price fluctuations is about to be proven incorrect. The analyst’s model predicted a price of $98,000 for the asset at the end of November, which currently appears to be a long shot.
As a result, bitcoin’s USD value must rise 65 percent from its current level to reach $98,000. With less than a week till the end of November, PlanB recognized that this goal may be too difficult even for the principal cryptocurrency.
The stock-to-flow model, on the other hand, is “unaffected” and is on its way to $100,000, according to the expert.
Big option expiry ahead, according to Skew data, 51,900 options contracts worth over $3 billion is set to expire on Friday. At 08:00 UTC, Deribit, the world’s largest crypto options exchange, will settle about $2.5 billion in options. At the time of writing Bitcoin is up by 3.36 percent and is trading at $59,190. With the option expiry set to happen, it will be interesting to see Bitcoin price direction in the upcoming sessions.