30s Summary

Bitcoin is nearing the $94,000 mark due to increased buying pressure since Nov. 20, creating optimism for potential highs around $96,000. However, CryptoQuant notes that long-term Bitcoin holders are currently selling. BlackRock’s Bitcoin Trust has begun trading options, indicating growing institutional confidence in Bitcoin as a mainstream asset, with some predicting a finish above $100,000 in 2022.

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Bitcoin continues to close in on the $94,000 mark since the buying pressure increased last Nov. 20. It exceptionally bounced back from a low of $91,500, leading to an all-time high of $94,374 before the day’s trading session in the US started. Some traders think the mid-$90,000 could be Bitcoin’s next stop before it stabilizes again. However, they don’t expect it to reach $100,000 right away but see the potential hit at around $96,000.

Though there’s optimism, CryptoQuant, a platform for on-chain analysis, has a slightly different viewpoint. They noted that Bitcoin holders who’ve held the currency for a long time are selling at current prices. They use a measurement called ‘Coin Days Destroyed’ that signifies the dormancy period of Bitcoin held in an address. When it spikes above 15-20 million, it signifies a market top.

In more positive news, the trading of options just started for the asset manager BlackRock’s Bitcoin Trust (IBIT) exchange-traded fund (ETF). So far, it’s been a great start, and many are betting that Bitcoin will finish 2022 above $100,000. Trading firm QCP Capital also added that this development showcases the growing institutional confidence in Bitcoin as a mainstream asset. But remember, all these involve risk, so do your homework before investing.