Bitcoin's Upside May Be Limited
Some analysts believe that Bitcoin's upside is capped due to options data and market maker activity suppressing rallies, although the long-term outlook remains bullish.
After last week's tumultuous events, which triggered the worst cascading liquidations in crypto's 16-year history, Bitcoin has slowed its momentum, trading at around $113,500, down about 1.5% over the past 24 hours, according to CoinGecko data.
Heightened bearish activity during last week's sell-off has led to an increase in put options expiring on October 31,
according to Hendrik Ghys, founder of Thalex Global, who noted that implied volatility has repriced downward to the low 40s in the short term and around 45% for longer horizons.
Author's summary: Bitcoin's upside may be capped despite bullish outlook.