More than $ 20 billion in capitalization losses in less than 30 days will not suit any potential investor. Bitcoin recently faced another such situation.
November was extremely bearish for the largestin the digital asset world since BTC registered a six-month low this month. However, after the fall of November 22 and 25, signs of recovery appeared in the industry.
According to Skew, despite the drop in prices, last week the bitcoin derivatives market was on the rise, showing huge trading activity on the CME and Bakkt sites.
Due to increased trading activity in the marketThe Bitcoin Probability Index soared and recorded a 23% probability of crossing the level of $ 10,000 by June 2020. For comparison, last week the probability was only 15%. At the time of publication, the same indicator by March also improved and reached 19%, previously it was approximately 11%.
The PlanB crypto trader has already shared his calculations regarding the fact that according to the “Stock / Flow” theory, in December, bitcoin can cross the $ 10,000 mark.
Call me crazy, but it wouldn’t surprise me if BTC closes 2019 at $ 10k + .. opportunities like this (#bitcoin below S2F model value, 6 months before the halving) are rare. pic.twitter.com/ADwqixd9EF
- PlanB (@ 100trillionUSD) November 25, 2019
Bakkt's upcoming cash settlement BTC futures, scheduled for December 9 in Singapore, could also affect the price of bitcoin upward.