Bitcoin S2F Is Unaffected! Major Event Coming up for BTC, Watch Out These Levels

The post Bitcoin S2F Is Unaffected! Major Event Coming up for BTC, Watch Out These Levels appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

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.