Bitcoin is still on track to reach the $100,000 mark, despite investor concerns about the expiration of nearly $2.7 billion in option contracts on Friday, which threatens the ability to adjust below $85,000.
Over $2.67 billion in Bitcoin (BTC) option contracts expired on November 22 at 8:00 AM UTC, with a "maximum pain" level of $85,000, according to a post on X by the Deribit exchange on November 21. According to.
Option contract expiration. Source: Deribit
Bitcoin reached an All-Time-High of $99,523 at 7:30 AM UTC, just 30 minutes before the option contracts expired, before starting to decline to the current level of $97,805, according to data from TinTucBitcoin.
BTC/USD, 1-day chart. Source: TinTucBitcoin
Despite the short-term adjustment, the expiration of $2.6 billion in Bitcoin options should not have a strong impact on Bitcoin's upward trend, according to Blake Player, Head of Development at VALR.
He told TinTucBitcoin:
"The expiration of options reflects a reduction in open interest and therefore a lower level of leverage in the market. I don't anticipate this will have a significant impact on price as those wanting to maintain long or short positions can buy new options or establish other positions."
Reducing leverage in the cryptocurrency markets may be an overall benefit for the price appreciation of Bitcoin. On November 12, Kris Marszalek, co-founder and CEO of Crypto.com, warned that the cryptocurrency market needs to reduce leverage before Bitcoin can break through the $100,000 mark.
Bitcoin is approaching the $100,000 mark, supported by over $1 billion in ETF inflows
On November 22, the flow of stablecoin into cryptocurrency exchanges reached a monthly record high of over $9.7 billion, creating another positive signal for Bitcoin's price trend from now until 2025.
More and more analysts expect Bitcoin to surpass the $100,000 mark, which could happen before the end of November, according to Ryan Lee, Chief Analyst at Bitget Research.
The positive inflows into the U.S. Bitcoin ETFs have also contributed to Bitcoin reaching new All-Time-Highs.
Bitcoin ETF Flows (USD, millions) Source: Farside Investors
On November 21, the spot Bitcoin ETFs recorded net inflows exceeding $1 billion, marking the 3rd highest day of the month, according to data from Farside Investors reported.
While Bitcoin is predicted to reach $110,000 in the long term, the timing for its next big leap is still a challenge, according to Szymon Sypniewicz, co-founder and CEO of Ramp Network.
He told TinTucBitcoin:
"Although Bitcoin reaching $110,000 seems inevitable at some point, it may not happen before the end of the year, as we can expect the market to experience some volatility."
Meanwhile, Bitcoin continues to climb to new records. On November 22, the Bitcoin price marked a monthly candle high of over 40% when BTC surpassed $99,000, with eight days left in November - a month historically the best for Bitcoin's gains.
