{"id":558168,"date":"2023-10-30T09:00:52","date_gmt":"2023-10-30T09:00:52","guid":{"rendered":"https:\/\/uniquehot.com\/?p=558168"},"modified":"2024-06-11T09:19:08","modified_gmt":"2024-06-11T09:19:08","slug":"bitcoin-price-another-surge-like-last-week","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-price-another-surge-like-last-week\/","title":{"rendered":"Bitcoin Price Poised For Another Surge Like Last Week: Here’s Why"},"content":{"rendered":"

In a recent statement<\/a> via X (formerly Twitter), Alex Thorn, head of firm wide research at digital asset firm Galaxy, highlighted the potential for another Bitcoin gamma squeeze similar to the one witnessed last week. BTC gained 15% last week. He remarked, \u201cThe Bitcoin gamma squeeze from last week could happen again. If BTCUSD moves higher to $35,750-36k, options dealers will need to buy $20m in spot BTC for every 1% upside move, which could cause explosiveness if we begin to move up towards those levels.\u201d<\/p>\n

Elaborating on the mechanics, Thorn explained the behavior of dealers in relation to gamma and delta. \u201cWhen dealers are short gamma and price moves up, or when they are long gamma and price moves down, they need to buy spot to stay delta neutral. Last week\u2019s expiries will dampen potential explosiveness, but it\u2019s still in play.\u201d This essentially means that the actions of options dealers, driven by the need to maintain a neutral position, can amplify price movements.<\/p>\n

Will Bitcoin Price Rally Like Last Week?<\/h2>\n

Thorn also emphasized the importance of on-chain data in understanding these dynamics. He mentioned a continued divergence between the supply held by long-term holders and the supply that has moved in less than 24 hours. This divergence, which has been growing over the past year, indicates a decline in on-chain liquidity, suggesting that long-term holders are not selling their holdings, potentially leading to a supply squeeze.<\/p>\n

Related Reading: Bitcoin Season: Leading The Charge In The Crypto Market<\/a><\/div>\n

Furthermore, Thorn pointed to the 4-year rolling Z-score of the ratio of market price to realized price, a variation of the MVRV ratio. This metric provides insights into Bitcoin’s valuation relative to its historical average. A high positive Z-score indicates potential overvaluation, while a negative Z-score might suggest undervaluation. Thorn’s observation that the pattern is beginning to resemble those seen before previous bull runs is particularly noteworthy.<\/p>\n

\"Bitcoin
Bitcoin ratio of market price to realized price | Source: X @intangiblecoins<\/figcaption><\/figure>\n

Another crucial observation made by Thorn pertains to the compression of relative cost bases. He noted a tightening pattern that has historically been observed during bear or accumulation periods that precede bull markets. This compression suggests that there is a consensus among different types of holders about the value of Bitcoin.<\/p>\n

Related Reading: The Hidden Signals: Bitcoin\u2019s On-Chain Data Points To Bullish Outlook, But There\u2019s A Catch<\/a><\/div>\n

Thorn’s analysis of the Bitcoin supply by the price at which each coin last moved is particularly illuminating. He observed a sparse cost basis between the current price of $34,591 and the $38,400-39,100 range. Moreover, with 83% of the supply not having moved since prices were lower than today and nearly 70% of the supply stagnant for over a year, it’s evident that long-term holders are in profit and are likely waiting for even higher prices before selling.<\/p>\n

\"Bitcoin
Bitcoin supply by the price ast moved | Source: X @intangiblecoins<\/figcaption><\/figure>\n

Last week, as reported<\/a> by NewsBTC, Thorn had accurately predicted a gamma squeeze. He had emphasized the significant role the options market played in influencing Bitcoin\u2019s price trajectory. Thorn warned, \u201cWe are approaching max pain for gamma shorts.\u201d<\/p>\n

In summary, while Thorn does not make a direct prediction about Bitcoin’s near-term price, his analysis on X provides a comprehensive overview of the current market dynamics. The combination of potential gamma squeezes, declining on-chain liquidity, and historical patterns all point towards a favorable environment for Bitcoin bulls.<\/p>\n

At press time, BTC traded at $34,249.<\/p>\n

\"Bitcoin
Bitcoin price, 1-day chart | Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image from Shutterstock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

In a recent statement via X (formerly Twitter), Alex Thorn, head of firm wide research at digital asset firm Galaxy, highlighted the potential for another Bitcoin gamma squeeze similar to the one witnessed last week. BTC gained 15% last week. He remarked, \u201cThe Bitcoin gamma squeeze from last week could happen again. If BTCUSD moves higher to $35,750-36k, options dealers will need to buy $20m in spot BTC for every 1% upside move, which could cause explosiveness if we begin to move up towards those levels.\u201d Elaborating on the mechanics, Thorn explained the behavior of dealers in relation to gamma and delta. \u201cWhen dealers are short gamma and price moves up, or when they are long gamma and price moves down, they need to buy spot to stay delta neutral. Last week\u2019s expiries will dampen potential explosiveness, but it\u2019s still in play.\u201d This essentially means that the actions of options dealers, driven by the need to maintain a neutral position, can amplify price movements. Will Bitcoin Price Rally Like Last Week? Thorn also emphasized the importance of on-chain data in understanding these dynamics. He mentioned a continued divergence between the supply held by long-term holders and the supply that has moved in less than 24 hours. This divergence, which has been growing over the past year, indicates a decline in on-chain liquidity, suggesting that long-term holders are not selling their holdings, potentially leading to a supply squeeze. Related Reading: Bitcoin Season: Leading The Charge In The Crypto Market Furthermore, Thorn pointed to the 4-year rolling Z-score of the ratio of market price to realized price, a variation of the MVRV ratio. This metric provides insights into Bitcoin’s valuation relative to its historical average. A high positive Z-score indicates potential overvaluation, while a negative Z-score might suggest undervaluation. Thorn’s observation that the pattern is beginning to resemble those seen before previous bull runs is particularly noteworthy. Another crucial observation made by Thorn pertains to the compression of relative cost bases. He noted a tightening pattern that has historically been observed during bear or accumulation periods that precede bull markets. This compression suggests that there is a consensus among different types of holders about the value of Bitcoin. Related Reading: The Hidden Signals: Bitcoin\u2019s On-Chain Data Points To Bullish Outlook, But There\u2019s A Catch Thorn’s analysis of the Bitcoin supply by the price at which each coin last moved is particularly illuminating. He observed a sparse cost basis between the current price of $34,591 and the $38,400-39,100 range. Moreover, with 83% of the supply not having moved since prices were lower than today and nearly 70% of the supply stagnant for over a year, it’s evident that long-term holders are in profit and are likely waiting for even higher prices before selling. Last week, as reported by NewsBTC, Thorn had accurately predicted a gamma squeeze. He had emphasized the significant role the options market played in influencing Bitcoin\u2019s price trajectory. Thorn warned, \u201cWe are approaching max pain for gamma shorts.\u201d In summary, while Thorn does not make a direct prediction about Bitcoin’s near-term price, his analysis on X provides a comprehensive overview of the current market dynamics. The combination of potential gamma squeezes, declining on-chain liquidity, and historical patterns all point towards a favorable environment for Bitcoin bulls. At press time, BTC traded at $34,249. Featured image from Shutterstock, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":558177,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,89742,679,6848,1119,1144],"class_list":["post-558168","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-gamma-squueze","tag-bitcoin-price","tag-bitcoin-price-prediction","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Poised For Another Surge Like Last Week: Here's Why<\/title>\n<meta name=\"description\" content=\"Alex Thorn highlights the potential for another Bitcoin gamma squeeze similar to the one witnessed last week.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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Through his extensive work with uniquehot.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/uniquehot.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Price Poised For Another Surge Like Last Week: Here’s Why","url":"http:\/\/uniquehot.com\/news\/bitcoin-price-another-surge-like-last-week\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-price-another-surge-like-last-week\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/10\/shutterstock_1922249036-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/10\/shutterstock_1922249036-1.jpg?fit=5334%2C3000"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin gamma squueze","bitcoin price","bitcoin price prediction","btc","btcusd"],"dateCreated":"2023-10-30T09:00:52Z","datePublished":"2023-10-30T09:00:52Z","dateModified":"2024-06-11T09:19:08Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price Poised For Another Surge Like Last Week: Here’s Why\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-price-another-surge-like-last-week\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-price-another-surge-like-last-week\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/shutterstock_1922249036-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/shutterstock_1922249036-1.jpg?fit=5334%2C3000\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin gamma squueze\",\"bitcoin price\",\"bitcoin price prediction\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-10-30T09:00:52Z\",\"datePublished\":\"2023-10-30T09:00:52Z\",\"dateModified\":\"2024-06-11T09:19:08Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/10\/shutterstock_1922249036-1.jpg?fit=5334%2C3000","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/558168"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=558168"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/558168\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/558177"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=558168"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=558168"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=558168"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}