Bitcoin's Upside May Be Limited
Some experts believe that Bitcoin's upside is capped due to options data and market maker activity suppressing rallies, although the long-term outlook remains bullish.
Following a tumultuous event last week, Bitcoin has entered calmer waters. After bouncing on Monday, its momentum has slowed, leaving it to trade at around $113,500, down approximately 1.5% over the past 24 hours, according to CoinGecko data.
According to Hendrik Ghys, founder of Thalex Global, heightened bearish activity during last week's sell-off has led to a significant increase in put options expiring on October 31.
Implied volatility, a key metric reflecting market expectations of future price swings, has repriced downward to the low 40s in the short term and around 45% for longer horizons, Ghys wrote.
Author's summary: Bitcoin's upside may be capped despite bullish outlook.
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