Bitcoin price today has smashed another ATH by crossing the $109,500 mark. After hovering close to its crucial resistance levels, the largest cryptocurrency has successfully achieved a new milestone price today. On the other hand, the on-chain technical data shows a significant rise in the call options for Bitcoin on various platforms.
This suggests an increased adoption of this digital asset in real-world applications. Following this, questions like “Is Bitcoin a good investment?” and “What will be the price of Bitcoin in 2025?” are on a major rise.
In this write-up, we will understand the market sentiments, on-chain sentiments and a possible short-term Bitcoin price prediction.
Traders Bet on BTC Price Hitting $300,000
As per the latest data, the price of BTC has surged over 30% since hitting April’s lows of $75,000, with the bitcoin rally resulting in a flood of unimaginable BTC price prediction.
On the other hand, options data shows traders are increasingly betting on Bitcoin price climbing to $300,000 by June. reportedly, this could result in bitcoin’s market capitalization crossing the $6 trillion mark.
These calls on Bitcoin price or other assets are set to expire by the end of June at the strike price of $300,000. Notably, the second most popular call option on the Deribit exchange behind $110,000.
Bitcoin Price Hits New All-time High
Bitcoin price today has successfully achieved a new ATH above the $109,000 mark. The largest crypto project has jumped approximately 4% in 24 hours with a trading volume of $59.71 billion. With this, the market capitalization of this project has increased to a new high of $2.16 trillion.
The Relative Strength Index (RSI) continues hovering above the overbought range in the daily time frame. With its average trendline constantly acting as a support, the price of Bitcoin may continue gaining value in the upcoming time.
Adding to this, the Simple Moving Average (SMA) acts as a strong support to the BTC price chart in the 1D time frame. By evaluating the present market sentiments, the largest cryptocurrency may continue gaining momentum this week.
How High Can Bitcoin Actually Go?
If the market favors the bulls, this could result in the Bitcoin price heading toward its $112,500 range. Maintaining the price above that level could set the stage for BTC to push itself toward its upper target price of $120,000 in the coming months.
Conversely, if the crypto market experiences an increase in the liquidation, this could pull the value of Bitcoin toward its $107,000 level. Suppose, the bulls fail to regain momentum at that point, in that case, the Bitcoin token could plunge toward its lower support of $105,000.
Also Read: Bitcoin Inches Closer to All-time High; Could it Break $110K This Week?
