Bitcoin Price Prediction: BTC to Dip Below $25,000 Before Bouncing Up, Whales Buy into Fight Out on Last Day of Presale

cryptonews.com:

In the world of cryptocurrency, investors are always on the lookout for the next big thing. While Bitcoin has been the dominant player in the market for years, there is always speculation around its price movements. The technical analysis predicts that BTC will dip below $25,000 before bouncing back up. 

Meanwhile, another altcoin called Fight Out has been gaining attention, as whales have been buying into the project on the last day of its presale. Let's take a closer look at these two trends and what they could mean for the cryptocurrency market.

After reaching a high of over $29,000, Bitcoin has dropped to $27,500, signaling a decrease in its recent gains. One potential factor that may have contributed to the drop is the upcoming expiry of many Bitcoin options, totaling 141,000. 

This expiry event is considered by some to be a key factor that could negatively impact Bitcoin's price.

The Deribit exchange has reported that a total of 141,000 Bitcoin options, valued at $4.1 billion, are soon set to expire. The put-call ratio for these options is 0.74, and the maximum pain point is $24,000. 

This means that if the price of Bitcoin falls below this level, there may be additional downside risk for the cryptocurrency.

Aside from Bitcoin, a total of 1.746 million ETH options, valued at $3.1 billion, are also set to expire soon. The put-call ratio for these options is 0.33, and the maximum pain point is $1,600. 

The expiration of such a large number of options contracts can cause market instability, and it has been known to lead to losses for Bitcoin.

Deribit market data suggests that the effect of options expiry on Bitcoin's price will depend on the selling behavior of various markets, with Binance Market BUSD leading the selling