Deribit Exchange expects Bitcoin to rise 20% in the next 30 days with a target of $80,000

In a significant milestone for the cryptocurrency market, Bitcoin (BTC), the largest digital asset, broke its previous records and crossed the $69,000 mark, establishing itself new all-time high (ATH) from $69,300 on Tuesday.

This achievement marked a historic moment for BTC, which had not reached such levels in over two years. However, the cryptos upward movement shows no signs of slowing down, experts predict further price increases.

Bitcoin price and ETFs in perfect harmony

Accordingly Data According to Deribit, an options and futures crypto exchange and analytics firm GenesisVol, BTC is expected to see a potential increase of up to 20.8% within the next 30 days.

These predictions suggest that Bitcoin price could break $80,000 under ideal circumstances. Even conservative traders are optimistic and expect BTC to easily break above $70,000 and reach around $75,000.

Furthermore, the youngest permit The number of spot Bitcoin exchange-traded funds (ETFs) has played a crucial role in Bitcoin's success, suggesting that the bullish trend in BTC prices, coupled with bullish sentiment among options traders as well as institutional and retail investors, is far from over.

Bloomberg ETF expert Eric Balchunas emphasized highlighted the importance of this development, explaining that it represents a pivotal moment for both Bitcoin and ETFs. Balchunas believes that the rise from $25,000 to $69,000 was largely due to hopes of ETF approval and subsequent inflows.

The price of BTC rose as spot ETFs were approved in the US. Source: Isabelle Lee on X

The expert claimed that the synergy between ETFs and Bitcoin has proven to be mutually beneficial as ETFs have improved liquidity, affordability, convenience and standardization for investors.

In particular, the ten-figure Bitcoin ETFs have done this accumulated over $50 billion in assets, with a staggering $8 billion generated from capital flows and the rest due to Bitcoin's rising value.

However, as Bitcoin reached its new peak, increased market volatility led to a surge in liquidations. Journalist Colin Wu reported a sharp 5% drop in the price of Bitcoin in an hour, with Binance seeing a record value below $65,000. In that hour, liquidations totaled a staggering $142 million.

BTC sell signal

Although bullish investors are currently on cloud nine, renowned crypto analyst Ali Martinez sounded the alarm when the TD Sequential indicator recently flashed Sell ​​signal on the daily chart of Bitcoin.

Developed by market expert Tom DeMark, the TD Sequential indicator uses price patterns and sequences to identify potential trend reversals in various financial markets, including cryptocurrencies.

Martínez emphasized The indicator’s remarkable track record in predicting Bitcoin’s price movements since the beginning of the year. The TD Sequential indicator issued a buy signal in early January, just before Bitcoin price rose 34%.

In contrast, a sell signal was issued in mid-February, after which the value of BTC fell by 4.44%. So, taking into account the previous sell signals, a potential decline towards the $62,000 price level could be on the horizon as the largest cryptocurrency in the market still holds the $60,000 support, which will be crucial for BTC's prospects becomes.

The daily chart shows BTC price falling below $65,000. Source: BTCUSD on TradingView.com

Featured image from Shutterstock, chart from TradingView.com

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