If you hold either bitcoin or ether, the next few weeks could be pivotal.
After a stretch of flatlining, bitcoin looks ready to pop again. Ether, the second-largest crypto, might be primed for an even bigger breakout, according to Markus Thielen, CEO of crypto research firm 10x.
October is always a bullish month for bitcoin – and the stars are aligning again. We could be looking to a run towards $70,000, maybe even $75,000, Thielen said.
Buckle up. If you’ve been waiting on the sidelines, this might be your moment to jump in before the next rally kicks off.
Ether, which has been lagging bitcoin for months, also looks ready to catch up. If it breaks through the $2,700 mark, the next stop might be $3,000. Nobody wants to miss out on that ride.
What next?
- Bitcoin derivatives activity sits at $18.3 billion, below the $21 billion to $22 billion levels seen when it neared $70,000 last time aka there is more room for it to heat up.
- Ether’s implied volatility is higher at 60%, hinting at a bigger move on the horizon. Options positioning has dropped from $12.5 billion in March to just $4.3 billion, setting the stage for a potential squeeze as traders start rotating back into ether.
Thielen is calling it: now that bitcoin has scaled $65,000, it’s time to scoop up some call options for $70,000 or $75,000, as a breakout seems imminent. Some are even selling $60,000 puts to fund higher calls, creating upside optionality, he said.
He is also eyeing the dip in Ether near the $2,700 mark, as traders pile in, with eyes on $3,000. Also consider targeting $3,000 call options, he said.
Zooming out
Globally, we’re seeing central banks adopt a more dovish stance, slowing or pausing rate hikes. This is rocket fuel for bitcoin, which thrives on liquidity.
There is also $6.5 trillion sitting in US money market funds right now and investors are itching to put that cash to work.
Crypto has also been pushing forward in ways we haven’t seen before, with institutional players diving in deeper. As Thielen points out, with BlackRock–the world’s biggest asset manager–talking up both Bitcoin and Ether, 2025 could bring a whole new narrative to crypto.
