Here’s Why Bitcoin (BTC) Price Could Hit $70K By April End

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Bitcoin has experienced an impressive 35% surge, reaching $52,000 and grabbing the attention of investors. The looming mining reward halving in April, where the rate of new Bitcoin creation is halved, historically correlates with bullish price movements.

Can We Cross the $70,000 Mark?

Lyra Finance, a decentralized crypto options marketplace, highlights a 20% probability of Bitcoin surpassing $70,000 by April’s end.

In an interview, Nick Forster, founder of Lyra and former options trader on Wall Street, discussed the market’s future. He said that traders are cautiously optimistic. Even though Bitcoin has been on a recent rise, people don’t think it will hit new all-time highs soon. For now, though, the fact that buyers are even thinking about this shows how the crypto market is changing.

Bitcoin’s price increased more than expected, but traders aren’t sure if a new all-time high above $70,000 is likely. In the options market, traders position themselves in a way that shows investors caution. Options give you the right to buy or sell a commodity at a specific price in the future. They can tell you much about the market’s work and what people expect.

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What’s Driving the Rally?

The rally in Bitcoin’s price is pumped by several factors, which include strong inflows into U.S.-based spot ETFs (Exchange-Traded Funds) and expectations of continued tax breaks in the United States. Additionally, the upcoming mining reward halving in April has contributed to bullish sentiment, as it is expected to reduce the rate of Bitcoin supply expansion by 50%.

Lyra Finance, the world’s largest decentralized crypto options platform, witnesses increased interest in Bitcoin options with an April 26 expiry. These options enable traders to speculate on price movements before and after the halving, presenting opportunities for capitalizing on potential fluctuations.

Balancing Optimism and Caution

While optimism prevails about Bitcoin’s price prospects, traders remain mindful of potential risks. The options market serves as a vital tool, offering insights into investor sentiment and expectations. This aids traders in making informed decisions in a market that is not easy to navigate.

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