InvestAnswers Host Predicts Bullish Price Targets for Bitcoin and Ethereum, Anticipates an Exciting Year and a Half
The anonymous host of InvestAnswers, with a subscriber base of 445,000 on YouTube, has recently shared optimistic price targets for Bitcoin (BTC) and Ethereum (ETH). In a new video, the host expresses that they wouldn’t be taken aback if Bitcoin surges to $42,000 by April 2024.
This projection is rooted in the host’s analysis of the options market. InvestAnswers highlights that the demand for Bitcoin’s call options outweighs that of put options, indicating a strong bullish sentiment. Call options grant the holder the right to purchase an asset at a specific price within a predetermined timeframe, while put options allow the holder to sell an asset at a specific price within a designated period.
Pointing to December 29, 2023, the host observes substantial trading activity around the $45,000 level, emphasizing the significant buying interest in call options. The put-call ratio of 0.39 further reinforces the bullish outlook. The host reiterates their previous comments about the potential for Bitcoin to reach $42,000 by April 2024, coinciding with the halving event. According to the provided chart, it’s even possible for Bitcoin to surpass $45,000 by Christmas, lending further credibility to the actions of these options traders.
At the time of writing, Bitcoin is currently trading at $30,560. Shifting the focus to Ethereum, the pseudonymous analyst explains that the put-call ratio for the second-largest cryptocurrency signals an “extremely bullish” sentiment. By examining the data, it becomes evident that there is significant demand for call options at the $2,500 level for ETH, also occurring on December 29, 2023. Notably, the put-call ratio of 0.21 indicates a strong bullish sentiment, as few investors are purchasing put options on Ethereum. The prevailing expectation is that Ethereum will surge to around $2,000, with an average target of $2,500 by Christmas. Some traders even have bets predicting prices as high as $6,500.
While the exact timing remains uncertain, the host assures viewers that the next five months will be filled with excitement. Additionally, the subsequent year is expected to deliver similar thrills. As a result, investors can anticipate a year and a half of sheer delight in the cryptocurrency market.
