Despite the price correction of the leading cryptocurrencies, the options market is still significantly biased towards growth. This indicates the likelihood of a restart of the rally by the end of the year, analysts at QCP Capital noted.
"This is confirmed by the significant interest in long—term options with a strike of $100,000-120,000," the experts added.However, according to their forecasts, cryptocurrencies will behave "meekly" in the third quarter, partly due to uncertainty in the context of the Mt. Gox factor.
Analysts also noted that the US stock market "reached new heights" after Powell's statement that the US economy is moving towards reducing inflation. However, this macro factor has not had a positive impact on Bitcoin and Ethereum, whose prices remain just above $60,000 and $3,300, respectively.
Tech analyst Ali Martinez noted that against the background of the current correction, many market participants have placed bets on the growth of digital gold.
As #Bitcoin dipped below $60,000, traders on @Binance increased their $BTC exposure. Now, about 75.40% of all traders with an open #BTC position on this exchange are going long! pic.twitter.com/E2sYGhAHmH
— Ali (@ali_charts) July 3, 2024According to his observations, more than 75% of traders on the largest Binance crypto exchange have long positions in bitcoin, although the day before this figure was 65%.
Earlier, analysts at Standard Chartered expressed the opinion that the first cryptocurrency is capable of reaching a new historical high in August.