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Monday, May 22, 2023

Bitcoin Has Been Targeting At Prices Above $58K

Most of the traders in the cryptocurrency industry have been talking about a Bitcoin price worth six figures, especially now that the asset is moving forward. The digital currency has gone out of its downtrend which took place through several months and has now confirmed that they are working at a much bullish trend. If the cryptocurrency does manage to find its way inside a parabolic move toward $110,000, it would be able to match PlanB’s Stock-to-Flow model for prediction. 

Bitcoin Price Riding High Slowly

According to PlanB, the valuation and scarcity of gold and a few other precious metals along with Elon Musk’s energy FUD and the mining crackdown of China have been one of the few factors that are responsible for the last couple months’ worth of inaccuracy which has been pretty visible throughout the model.

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The hopes of the market bulls mostly cling to an exchange-traded fund that has been approved by the United States Securities and Exchange Commission. As of now, there have been multiple requests for pending review between the 18th of October and the 1st of November, but the regular was able to postpone the final decision. 

The mining crackdown put forward by China was definitely quite an important event- for it helped fuel investor sentiment- with research highlighting that the United States accounts for around 35.4% of the hash rate of Bitcoin. As reported by Cointelegraph, the states of Ohio and Texas have also been expected to receive some large-scale mining centers of the cryptocurrency- which will also help in boosting the market share. 

After the market went through last week’s $370 million which was estimated net profit from the options expiry of Bitcoin, market bulls had much more firepower, and this is quite noticeable in the $820 million expiries taking place on Friday. This advantage does prove why the buy options open interest is considerably high.

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