Bitcoin at $80,000: Forecast from Bitfinex

Analysts at the cryptocurrency exchange Bitfinex believe that Bitcoin could exceed $80,000 by the end of 2024. This prediction is based on bullish signals in the derivatives markets and the high level of profitability among holders.

The options market shows increasing interest, particularly in contracts expiring on December 27 and call options for $80,000. This indicates traders' confidence in a price increase.

According to CryptoQuant, over 97.6% of Bitcoin holders are currently in profit, following a price surge on October 28 that saw Bitcoin exceed $70,000 for the first time since June. However, BTC is still 3.77% below its all-time high of $73,800.

Investors expect that the next signal for growth may emerge after the U.S. elections on November 5, 2024, which could trigger a historic Bitcoin rally.