• The long-term sentiment has turned bullish with bitcoin showing its biggest weekly percentage gain in two years.
• Bitcoin’s 180-day call-put skew has crossed above zero for the first time since the start of 2021, indicating that bullish call options expiring in six months have become pricier than bearish put options.
• Expectations for bitcoin’s (BTC) price over the next six months have turned positive after a long time, in another sign of confidence in the cryptocurrency’s latest bull revival.
Bitcoin is continuing to show positive signs of growth as the long-term sentiment has turned bullish with bitcoin showing its biggest weekly percentage gain in two years. This has been further evidenced by the fact that Bitcoin’s 180-day call-put skew has crossed above zero for the first time since the start of 2021, indicating that bullish call options expiring in six months have become pricier than bearish put options.
This is a good measure of the market’s sentiment as it gauges the price of calls relative to puts. It is clear that there is a much greater demand for calls than puts, which is a sign of increased confidence in the cryptocurrency’s ability to remain buoyant in the coming months.
This sentiment has been further reinforced by the fact that expectations for bitcoin’s (BTC) price over the next six months have turned positive after a long time. This is yet another sign of confidence in the cryptocurrency’s latest bull revival.
The bulls have been in control for some time now and the market is showing no signs of slowing down. Bitcoin has been rallying since mid-December and is now close to breaking through the $35,000 level. If the rally continues, which many expect it will, then it is likely that we could see bitcoin hit the $50,000 level before the end of the year.
The current bullish sentiment is being driven by a number of factors. Firstly, there is increasing institutional demand for the cryptocurrency. Institutional investors have been steadily buying into bitcoin over the past few months, driving the price higher.
Additionally, there is increasing optimism that the cryptocurrency could soon become a mainstream payment method. This is being driven by companies such as PayPal and Square, who are making it easier for consumers to buy and sell bitcoin.
It is clear that the long-term outlook for bitcoin remains positive. The market is showing strong signs of bullishness and there is increasing optimism that the cryptocurrency could become a mainstream payment method. It is likely that the rally will continue in the coming months and that we could see bitcoin hit the $50,000 level before the end of the year.