The post Bitcoin Set to Surge Past $100K in 7 Days as BlackRock’s Bitcoin ETF Options Go Live appeared first on Coinpedia Fintech News
Bitcoin has just surged past $92,300, and many are starting to think the price could soon soar even higher. Some experts believe that Bitcoin might be just days away from reaching $100,000. A big reason for this excitement is the recent launch of BlackRock’s Bitcoin ETF options, which have already got the market buzzing. But what’s driving this surge, and how close are we to seeing Bitcoin hit that $100K milestone?
BlackRock To Puch BTC To $100K
BlackRock, a major player in the financial world, has recently launched its Bitcoin ETF options. This move has been widely discussed in the crypto community, especially after the product saw overwhelming success on its first day.
According to reports, 73,000 options contracts were traded in just the first hour, placing BlackRock’s product among the top 20 most active non-index options.
While options themselves don’t directly affect the price of Bitcoin, they can influence the market’s behavior. The growing popularity of BlackRock’s Bitcoin product has brought more attention to the cryptocurrency, especially among institutional investors. This is likely to result in a surge of new participants, which could push Bitcoin’s price even higher.
In an interview with CNBC prominent investor Kevin O’Leary said that Bitcoin will surge past $100k before the holiday season, with little resistance ahead. As the institutional adoption of Bitcoin continues, the cryptocurrency seems set to break new records soon.
Possibility of a Short Squeeze Ahead!
With Bitcoin nearing an all-time high, there’s speculation about a potential short squeeze if the price hits $100K. A short squeeze occurs when investors who bet against Bitcoin (shorts) are forced to buy back the cryptocurrency to cover their positions, which drives the price even higher.
According to data from CoinGlass, there are $5 billion worth of Bitcoin shorts that could be liquidated if Bitcoin hits the $100k milestone. This could trigger a chain reaction, sending Bitcoin’s price soaring.
Altcoin To Explode Too
Bitcoin’s price is expected to skyrocket soon, with experts predicting it could hit $100K. At the same time, gold ETFs are losing out to Bitcoin, which could push more money into crypto.
Altcoins like Ethereum, Dogecoin, and Solana are also expected to follow Bitcoin’s lead, possibly sparking a big rally.