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Bitcoin

<h2 id="quick-take">Quick Take</h2> 
Data from <a href="https://metrics.deribit.com/options/BTC">Deribit</a> paints a compelling picture of Bitcoin’s potential by the end of Q1 2024. Based on strike price, options open interest pinpoints a possible value of $50,000 for Bitcoin by March 29. The call wall at this price is robust, exhibiting a notional value of $275 million, which dwarfs the notional values of put options. 
This imbalance is reflected in the put/call ratio (0.32), indicating a significantly higher call options volume. It is important to note that the total notional value set to expire is a staggering $2 billion, with a max pain price of $31,000. 
The undercurrent of these data suggests a potential gamma squeeze, which, given the low levels of put options (all below $30,000), is likely to orient towards the upside rather than the downside. 
This analysis proposes a potentially bullish scenario for Bitcoin as we edge closer to Q1 2024. 
<figure id="attachment_378951" aria-describedby="caption-attachment-378951" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-378951 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/12/march.png" alt="Options Open Interest, March 29 Expiry: (Source: Deribit)" width="1890" height="476" srcset="https://cryptoslate.com/wp-content/uploads/2023/12/march.png 1890w, https://cryptoslate.com/wp-content/uploads/2023/12/march-300x76.png 300w, https://cryptoslate.com/wp-content/uploads/2023/12/march-1024x258.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/12/march-768x193.png 768w, https://cryptoslate.com/wp-content/uploads/2023/12/march-1536x387.png 1536w" sizes="(max-width: 1890px) 100vw, 1890px">
 <figcaption id="caption-attachment-378951" class="wp-caption-text">
 Options Open Interest, March 29 Expiry: (Source: Deribit)
 </figcaption>
</figure> 
The post <a href="https://cryptoslate.com/insights/deribit-data-hints-at-50000-bitcoin-value-by-march-2024-amid-potential-gamma-squeeze/">Deribit data hints at $50,000 Bitcoin value by March 2024 amid potential gamma squeeze</a> appeared first on <a href="https://cryptoslate.com">CryptoSlate</a>.

Deribit data hints at $50,000 Bitcoin value by March 2024 amid potential gamma squeeze

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