Analysts predict that Bitcoin will surpass $120,000. In anticipation of Crypto Week in D.C., traders are becoming increasingly active. Uranium Digital's chief strategy officer, Ryan Gorman, suggested that this could only be the start.
"With cryptocurrency week in Washington, DC, coming up next week, and a lot of positive momentum coming into the dog days of summer, bullish sentiment and lower trading volumes could see prices gap up to $120,000 or higher by the end of next week," Ryan stated.
Additionally, he stated that the fact that open calls outnumber puts "typically indicates traders are bullish and expect upward price momentum to continue."
For some time now, this bullish habit has been developing. The tempo, however, has changed. Corporate purchasing is increasing.
The retail industry is reviving. The markets for options are strongly favoring calls. And for once, rather than preparing for a sell-off, everyone is looking to the future.