Traders on the decentralized Bitcoin futures exchange Lyra predict that Bitcoin will reach $70,000 by the end of April with 20% certainty. The BTC prediction comes after Lyra clients predicted the rally up to $50,000; however, causality is unclear. SkyBridge Capital’s Anthony Scaramucci expects Bitcoin to hit $170,000 within 18 months of the 2024 Bitcoin halving event.
Bitcoin futures traders on decentralized exchange (DEX) Lyra predict the asset will hit $70,000 by the end of April. The next Bitcoin halving will occur in April, after which many experts, including SkyBridge Capital’s Anthony Scaramucci, expect the price to rise, although options and traders seem bullish.
Lyra traders predict with 20% certainty that the BTC price will rise to a new all-time high of $70,000 on April 26, 2024.
Bitcoin Futures Traders Predict $50,000
The prediction comes after Lyra clients correctly forecasted Bitcoin’s $50,000 rally. Volumes for $52,000 call options spiked last week before Bitcoin broke out.
However, crypto derivatives trader Samneet Chepal has seen an increase in volume after February 7, when Lyra introduced new incentive schemes, making causality difficult to pin down:
“It is also interesting to see a pickup in volumes after February 7, which is when the new Lyra incentives were announced. It is difficult to find causality because cryptocurrencies rose during the same period, but nevertheless it is great to see volumes increasing.”
Lyra is the largest decentralized Bitcoin futures exchange. It recorded around $32 million in trading volume in the last 24 hours, an increase of 134% in the last seven days.
Lyra trader sentiment coincides with an increase in open interest in Bitcoin futures contracts on centralized exchanges, suggesting that speculation on the future price of Bitcoin is a widespread trend in the market.
Open interest in futures amounted to $23 billion earlier this week, while BeInCrypto reported around 15,766 calls at $50,000 with a notional value of $822 million earlier today.
Generalized Bitcoin Price Rise Forecasts
The next bullish event for Bitcoin halving is 2024 which reduces the number of coins released per Bitcoin transaction block mined. Participants in the cryptocurrency market have commented on the price of Bitcoin after this event.
Grayscale Investments predicts that Bitcoin’s rise around this halving will be driven by a mix of recent flows into Bitcoin exchange-traded funds (ETFs) and increased on-chain activity.
Speaking to Bloomberg Television, the CEO of alternative investment firm SkyBridge Capital, Anthony Scaramucci, said he expects BTC to reach $170,000 within 18 months after the Bitcoin halving. According to his statements in a previous podcast, Bitcoin has quadrupled its pre-halving price in the last 14 years, and he expects this to continue.
“There is a technical analysis that can be done in the last 14 years. The price at the time of the halving is multiplied by four, which is typically where Bitcoin has run to in that cycle. You are seeing that the network is only producing 900 coins a day and you know, you have 12 times the demand for that right now, so you are seeing upward price compression.”
The rally in cryptocurrency prices is related to expectations of an easing of monetary policy by the Federal Reserve. As for market forecasts, they remain optimistic. The latest data comes from the British financial technology company Finder, which concludes that Bitcoin would reach a new record of $88,000 throughout the year, before settling around $77,000 at the end of 2024, according to a new report.
By Leonardo Perez
