Bitcoin's Upside May Be Limited
Some analysts believe that Bitcoin's potential for growth may be capped due to options data and market maker activity suppressing rallies, despite a long-term bullish outlook.
Following a tumultuous event last week, which triggered the largest cascading liquidations in crypto's 16-year history, Bitcoin has entered a period of relative calm. After a bounce on Monday, the momentum has slowed, with Bitcoin trading at around $113,500, down approximately 1.5% over the past 24 hours, according to CoinGecko data.
Heightened bearish activity during last week's sell-off has led to a significant uptick in put options expiring on October 31 - Hendrik Ghys, founder of Thalex Global
Implied volatility, a key metric reflecting market expectations of future price swings, has decreased to the low 40s in the short term and around 45% for longer horizons, according to Ghys.
Author's summary: Bitcoin's growth may be limited by market factors.
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