"Do you think the price of BTC can go up to $30K before Raya?"
In the wake of the recent banking crisis, the price of cryptocurrency king Bitcoin (BTC) managed to climb 29% to $28,000 in the past 30 days as investors began to turn to digital assets.
Investors are currently also excited to wait for the price of BTC to reach $30,000, which is the most difficult level to break through.
This is because the amount of Open Interest in the BTC Options* contract worth around $10.3 billion for the first time has surpassed the futures contract which only amounts to $10 billion.
*Totalize all open positions, regardless of whether they are long or short
Besides the Futures Open Interest found to be unchanged in 2023, the recent increase in call options signals has been the reason why most investors are predicting that the price of BTC will jump higher in the future.
According to Michael van de Poppe, a popular crypto analyst, BTC is likely to make a flat move first before surging, where the digital asset has been hovering at the same price level for the past few days.
He further added that $27,600 is BTC's strong support level to watch out for and the digital asset which traded at $16,547 during early 2023 has the potential to see drastic increases in the future.
For the record, BTC continuously increased little by little until it exceeded the $28,000 price level on March 20, 2023, but still fluctuated between $27,000 and $29,000.
As of this writing, BTC price is up 1.49% at $28,381 in the last 24 hours with a market cap of $548 billion and posted a gain of around 0.71% over the last week.
