Bitcoin is trading around $83,500, sparking increased interest in options markets for prices above $90,000, with strike prices of $95,000 and $100,000 capturing investor attention. Concurrently, spot Bitcoin ETF witnessed net inflows for the eighth consecutive trading day, with the latest inflow recording $31 million. This indicates that despite weak short-term sentiment, bullish expectations persist.
Price Surges Amid Declining Open Positions
According to data shared by Glassnode on September 29, Bitcoin surged 35% from its August lows. During the same period, open positions in Bitcoin derivatives fell by about 20%, reaching their lowest level since March. This suggests that the price rally was not accompanied by an increase in leveraged positions in derivative markets.
Brandt Warns of Possible Pullback Before New Cycle
Peter Brandt, an investor and chart analyst known for predicting the 2018 Bitcoin plummet, suggested that the market likely left its cycle bottom behind and entered a new bull cycle. However, he warned that this does not eliminate the possibility of a significant pullback, forecasting a potential correction to the $65,000–66,000 range at the start of October.
Brandt noted an increase in investors entering late into the rally. He believes a potential pullback could shake out these buyers while providing an opportunity for others to establish positions.
The analyst increased his July prediction for a cycle peak by end-2029 from $250,000–$300,000 to $300,000–$600,000. He sees Bitcoin reaching $500,000 in this cycle as very likely, not ruling out the possibility of hitting $1 million by 2030. However, missing this target will not alter his trading approach.
Brandt expressed that he has not yet deployed his entire allocated capital for Bitcoin. If the peak he anticipates by 2029 materializes, he plans to invest 70% of his capital, considering it sufficient to capitalize on 70% of the rally.
