InvestAnswers anonymous host sets 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 hits $42,000 in April 2024.
His prediction is based on the behavior of the options market. According to InvestAnswers, demand for Bitcoin’s call options is outpacing that for put options and this is “very bullish”.
Call options are contracts that entitle the holder to purchase an underlying asset at a specified price on or before a specified date, while put options entitle the holder to purchase an underlying asset at a specified price on or before a specified date. date to sell.
“December 29, 2023 – and you can see heaps of action here at the $45,000 level…
One thing I do want to watch out for is the put-call ratio – 0.39. So many 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’ve said many times that I wouldn’t be surprised if we saw $42,000 at the time of the halving by April 2024. According to the [chart below], we could be there by Christmas – $45,000+. Again, if the players of these options actions are correct…”
Bitcoin is trading at $30,560 at the time of writing.
As for Ethereum, the pseudonymous analyst says the put-call ratio of the second-largest crypto asset by market is sending an “extremely bullish” signal.
“You will see a lot of demand again for calls for $2,500 for ETH, the same date December 29, 2023.
But look at the put-call ratio: 0.21. That is extremely bullish. No one, virtually no one, is buying puts on Ethereum. Everyone expects it to go north for $2,000, averaging $2,500 by Christmas. Some people have bets around $6,500 there as well.
So anyway, things are happening fast, we don’t know when. But the next five months are guaranteed to be fun. And the year after that. So we are going to have absolute fun here for a year and a half.”
Ethereum is trading at USD 1,913 at the time of writing.
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