Bitcoin Price Braces For Volatility Ahead Of Chinese Stimulus Speculations, Options Expiry
2024年10月12日 - 3:00PM
NEWSBTC
Bitcoin (BTC) may experience increased volatility in the coming
days, driven by speculation surrounding another Chinese fiscal
stimulus announcement and the expiration of BTC options worth $1.1
billion. Chinese Stimulus Measures To Help Bitcoin? According to
the State Council Information Office, China’s Finance Minister, Lan
Fo’an, is expected to provide details on upcoming fiscal stimulus
measures during a press conference on Saturday. These measures aim
to stimulate economic activity in the country. On September 24, the
People’s Bank of China (PBoC) cut interest rates on existing
mortgages by 0.5% and lowered reserve requirement ratios for banks
to boost market liquidity. The global crypto market is
increasingly paying attention to China’s stimulus plans, as
enhanced liquidity could positively impact the prices of digital
assets like BTC. Related Reading: Is The Bitcoin Bull Run Over? Top
Analyst Predicts What’s Next For Crypto While the announcement is
anticipated, confirmation of another round of fiscal measures,
especially if they exceed market expectations, could significantly
boost risk-on assets like Bitcoin. In addition, if the US
Federal Reserve (Fed) decides to cut key interest rates further, it
could increase investor appetite for riskier assets, including
digital currencies known for their volatility. Currently,
prediction markets are speculating at least another 50 basis points
(bps) cut in interest rates by the end of the year. Such a move
would increase global liquidity and help BTC avoid a capitulation
that could cause its price to crash into the high $40k range. BTC
Options Expiry Could Trigger Price Volatility Another factor
that could impact Bitcoin’s price volatility is the $1.1 billion
worth of 18,000 BTC options set to expire on October 11. At press
time, the put-call ratio is 0.91, indicating a slight tilt toward
put options. With Bitcoin hovering around $60,000, the chances of
reaching the “max pain” price of $62,000 are growing. For those who
are uninitiated, “max pain” refers to the price level where the
most options traders are likely to incur losses. While Bitcoin has
recently benefited from global interest rate cuts, geopolitical
tensions in the Middle East and uncertainty surrounding the U.S.
presidential election in November have made it difficult to predict
BTC’s future price movement. Related Reading: Bitcoin Price Fails
At MA-200, Is A Crash To $52,000 Coming? Despite the challenges
above, some trading firms and crypto analysts are confident about
the resiliency of digital assets and the potential for a Q4 2024
crypto rally. For instance, crypto trading firm QCP Capital noted
that Bitcoin’s swift recovery following the Iranian offensive
against Israel indicated its strong demand among investors.
Similarly, Bitwise CIO Matt Hougan outlined three major factors
that could help the BTC price “melt-up” to a new all-time-high
(ATH) of close to $80,000 in Q4 2024. BTC trades at $62,086 at
press time, up 2.7% in the last 24 hours. Featured image from
Unsplash, chart from Tradingview.com
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