{"id":12429,"date":"2024-02-16T15:00:26","date_gmt":"2024-02-16T15:00:26","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=12429"},"modified":"2024-02-16T13:57:29","modified_gmt":"2024-02-16T13:57:29","slug":"bitcoin-might-just-hit-70000-by-april-end-but-odds-are-slim","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/bitcoin-might-just-hit-70000-by-april-end-but-odds-are-slim\/","title":{"rendered":"Bitcoin Might Just Hit $70,000 by April End, But Odds Are Slim"},"content":{"rendered":"<p>Bitcoin has been on a tear lately, rising 35% in just three weeks and nearing its late 2021 peak of $52,000. Could it climb even higher, even reaching its all-time high of<strong> $70,000<\/strong> by April&#8217;s end? While a bullish consensus exists, a new player in the game, decentralized options marketplace Lyra, paints a slightly different picture.<\/p>\n<p data-sourcepos=\"5:1-5:269\">Based on their data, there&#8217;s a 20% chance, or one in five, that Bitcoin will indeed cross the $70,000 mark by April 26th. This might seem surprising, considering the recent positive momentum fueled by factors like US spot <a href=\"https:\/\/coinengineer.net\/blog\/hong-kongs-bitcoin-future-etfs-shows-remarkable-performance\/\" target=\"_blank\" rel=\"noopener\">ETF<\/a> inflows, accommodative fiscal policy, and a receding global recession risk.<\/p>\n<p data-sourcepos=\"7:1-7:334\">But remember, options tell a story. These derivatives allow traders to bet on future price movements, and Lyra&#8217;s latest listings \u2013 expiring on April 26th \u2013 reveal interesting insights. While there&#8217;s some &#8220;upside action&#8221; with traders buying call options for <strong>$64,000<\/strong> and <strong>$70,000<\/strong> strike prices, the overall picture leans towards caution.<\/p>\n<h2 data-sourcepos=\"9:1-9:11\"><span style=\"font-size: 75%;\">Here&#8217;s the reasons (Bitcoin)<\/span><\/h2>\n<ul data-sourcepos=\"11:1-13:107\">\n<li data-sourcepos=\"11:1-12:0\">\n<p data-sourcepos=\"11:3-11:241\"><strong>Low Probability:<\/strong> Despite the recent rally, Lyra&#8217;s data suggests a relatively low chance of reaching $70,000 by April end. This might signify a more measured approach from sophisticated traders compared to the broader bullish sentiment.<\/p>\n<\/li>\n<li data-sourcepos=\"13:1-13:107\">\n<p data-sourcepos=\"13:3-13:107\"><strong>Reward Halving Factor:<\/strong> Bitcoin&#8217;s halving event, where the pace of new coin creation gets cut in half, is scheduled for mid-April. Some believe this could drive prices up due to limited supply. However, Lyra&#8217;s options market doesn&#8217;t seem overly hyped about this event&#8217;s immediate impact.<\/p>\n<\/li>\n<\/ul>\n<p data-sourcepos=\"15:1-15:266\">So, while Bitcoin hitting $70,000 by April end isn&#8217;t impossible, it appears to be a long shot based on Lyra&#8217;s options data. Remember, the crypto market is inherently volatile, and any predictions come with inherent risks.<\/p>\n<hr \/>\n<p><em class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Also, you can freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Telegram<\/strong>,<\/a>\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">YouTube<\/strong><\/a>,\u00a0and\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/twitter.com\/coinengineers\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Twitter<\/strong><\/a> channels for the latest news and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin has been on a tear lately, rising 35% in just three weeks and nearing its late 2021 peak of $52,000. Could it climb even higher, even reaching its all-time high of $70,000 by April&#8217;s end? While a bullish consensus exists, a new player in the game, decentralized options marketplace Lyra, paints a slightly different<\/p>\n","protected":false},"author":1,"featured_media":12433,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[61,4425,1547],"class_list":["post-12429","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-bitcoin","tag-low-probability","tag-spot-etf"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Might Just Hit $70,000 by April End, But Odds Are Slim - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Bitcoin has been on a tear lately, rising 35% in just three weeks and nearing its late 2021 peak of $52,000. 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