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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Analyst Predicts A Mega Bull Run If Bitcoin Breaks $36,000

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read
Spot Bitcoin ETF

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Crypto and Bitcoin traders should prepare for another sharp leg up, especially if the coin breaks above the $35,750 to $36,000 resistance wall this week. According to an X user, Alex Thorn, the Head of Firmwide Research, the $250 zone between those prices is a crucial liquidation barrier that derivatives traders closely watch.

If bulls have the upper hand and push above the upper limit of the belt, prices could rip higher this week primarily because of the resulting demand in the spot market.

Is Bitcoin Ready For Another Rally?

Thorn compares the current setup evolving in the Bitcoin chart to the events last week, which saw the coin explode. At spot rates, Bitcoin is stable but trending around 2023 highs, with buyers expecting more gains as market sentiment improves.

Bitcoin price on October 30| Source: BTCUSDT on Binance, TradingView
Bitcoin price on October 30| Source: BTCUSDT on Binance, TradingView

Though most users are looking at the United States Securities and Exchange Commission (SEC) and the potential approval of a spot Bitcoin Exchange-Traded Fund (ETF) as a trigger for the next leg up, Thorn is closely tracking events in the Bitcoin trading scene, specifically, the derivatives market. In the analyst’s assessment, options traders will be the primary drivers of the next bull run. 

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Why $36,000 Is A Key Price Level To Watch

Based on the analyst’s assessment, once Bitcoin breaks the $35,750 to $36,000 zone, “options dealers will need to buy $20m in spot BTC for every 1% upside move,” driving prices higher. The reason dealers have to buy or sell Bitcoin at the spot market depends on whether they are “short or long gamma.” 

Bitcoin gamma profile| Source:Alex Thorn on X
Bitcoin gamma profile|Source: Alex Thorn on X

The objective, when this happens, is to stay “delta neutral.” The decision to buy at the spot market comes after a “gamma squeeze,” which, as Thorn notes, lifted prices last week.

Technically, a gamma squeeze arises when there is a spike in call (or buy) options being purchased, forcing options dealers, most of whom are market makers, to buy the underlying asset, in this case, Bitcoin, to hedge their positions and stay “delta neutral.” Going by trends and the current setup, especially in the daily chart, this could happen.

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Looking at other metrics, Thorn noticed a divergence in supply held by speculators and long-term holders, opining that on-chain liquidity could be dwindling. However, on the bright side, the Z-Score ratio of market price to realized price shows that Bitcoin is in a “healthy” position.

As of October 30, Bitcoin is within a bullish breakout formation, with traders bullish. Whether the uptrend remains depends on whether buyers follow through, pushing the coin above recent highs, away from the breakout level at around $32,000.

Feature image from Canva, chart from TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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