The anonymous host of InvestAnswers is laying out bullish price targets for Bitcoin (BTC) and Ethereum (ETH).
In a new video, the host tells his 445,000 YouTube subscribers that he wouldn’t be “surprised” if Bitcoin reaches $42,000 by April 2024.
His prediction is based on the behavior of the options market. According to InvestAnswers, the demand for Bitcoin’s call options is higher than that of put options and this is “very bullish.”
Call options are contracts that give the holder the right to buy an underlying asset at a specific price on or before a specific date while put options give the holder the right to sell an underlying asset at a specific price on or before a specific date.
“December 29, 2023 – and you can see here a huge amount of action at the $45,000 level…
One thing I do want to cast your eye on is to put-call ratio – 0.39. So a lot more calls are being bought than puts, which is very bullish.
But look at the amount of price action even there at $45,000, $44,000, $43,000, etc.
I said many times before I would not be surprised if we saw $42,000 by April 2024 at the time of the halving. According to the [chart below], we could be there by Christmas – $45,000+. Again if these options actions’ players are correct…”
Bitcoin is trading at $30,560 at time of writing.
Turning to Ethereum, the pseudonymous analyst says that the put-call ratio of the second-largest crypto asset by market is sending an “extremely bullish” signal.
“You can see a lot of call demand again at $2,500 for ETH, same date December 29, 2023.
But cast your eyes on the put-call ratio – 0.21. That is extremely bullish. Nobody, pretty much nobody, is buying puts on Ethereum. Everybody expects it to go north at $2,000, up to $2,500 on average by Christmas. Some people have bets up there around $6,500 too.
So either way things happen fast, we don’t know when. But the next five months will be fun guaranteed. And the next year after that. So we’re going to have a year and a half of absolute pleasure here.”
Ethereum is trading at $1,913 at time of writing.
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- Source: https://dailyhodl.com/2023/07/06/analyst-updates-bitcoin-and-ethereum-price-targets-predicts-coming-18-months-will-be-an-absolute-pleasure/
