CME Bitcoin Futures Indicate a Rally to $40,000
The price of BTC has surpassed $38,000, reaching a level not seen since May 2022. This bullish momentum is driven by Bitcoin futures trading on CME, which has seen a surge in demand from institutional investors. In fact, CME Bitcoin futures have now turned bullish, suggesting a rally past the $40,000 mark.
Bitcoin Bulls Push Price Upside
The market sentiment has improved, and both retail and institutional investors are more confident about BTC’s price hitting $40,000 and potentially closing the year near $45,000. The CME Front Contract Premium percent to Coinbase spot is at an all-time high, indicating positive sentiment among futures and options traders. Additionally, ETFs like ProShares’ BITO contribute to this premium as they invest in CME-listed bitcoin futures.
CME Bitcoin Futures Open Interest Market Share Percent Rises
The open interest market share for CME Bitcoin futures has reached nearly 30%. This increase coincides with the recent settlement between Bitcoin and former CEO CZ with U.S. authorities. Despite these developments, institutional investors remain bullish on Bitcoin and continue to make bets on its future performance. The influx of funds into crypto assets has also contributed to the market’s rally.
BTC Price Shows Strength
Over the past 24 hours, BTC price has risen by 2%, currently trading at $37,818. The trading volume has also increased by 70%, indicating growing interest from traders. One significant factor behind this surge is the accumulation of $1.67 billion by the top 100 largest Tether (USDT) addresses in the last six months. This suggests a forthcoming rally supported by positive sentiment and higher trading volumes.
Matrixport Research Predicts Future Bitcoin Prices
According to Matrixport research, Bitcoin’s price is expected to reach $45,000 in 2023 and $125,000 by December 2024. This prediction is based on a significant post-halving rally and supports the overall positive sentiment surrounding Bitcoin’s future performance.
Hot Take: Bitcoin Bulls Drive Price Towards New Highs
The surge in BTC price has been fueled by the increasing demand from institutional investors and positive market sentiment. With CME Bitcoin futures turning bullish and open interest market share rising, the stage is set for a potential rally past $40,000. Additionally, the strength in BTC price and growing trading volumes indicate a rising interest among traders. As researchers predict future price milestones for Bitcoin, it seems that the crypto market is poised for further growth and new highs.
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