INSUBCONTINENT EXCLUSIVE:
Key takeaway:Bitcoin (BTC) rose 3.5% between June 7 and June 9, approaching the $108,500 mark
Despite this recent uptick, professional traders remain notably cautious, as reflected in BTC derivatives metrics
Broader macroeconomic tensions persist, and Bitcoin continues to show a strong correlation with the stock market, limiting its short-term
upside potential.Some analysts anticipate Bitcoin could rally to $150,000 as the US government nears a $4 trillion increase to its debt
potential supply shock.Bitcoin 2-month futures annualized premium
Source: laevitas.chSince June 6, Bitcoin futures premiums have hovered near the 5% baseline typical of neutral markets
The recent price increase has yet to inspire significant confidence among traders
Still, it would be inaccurate to say sentiment is entirely pessimistic, especially with Bitcoin currently trading just 3% below its $111,965
all-time high set on May 22.The recent price movement was not driven by excessive leveraged speculation, an indicator of a healthy market
However, if recession fears persist, Bitcoin is unlikely to maintain levels above $110,000, given its continued correlation with traditional
equity markets.50-day correlation, Bitcoin/USD vs
This trend has held for the past four weeks
Although the correlation has fluctuated over the past nine months, investors largely still treat Bitcoin as a risk-on asset rather than a
every asset class, including equities, oil, and Bitcoin
Still, Bitcoin was designed precisely for periods of financial uncertainty
long-to-short ratio at OKX
Source: OKXThe Bitcoin long-to-short margin ratio at OKX shows longs outweighing shorts by 4 times
Historically, excessive confidence has pushed this ratio above 20 times, while levels below five times favoring longs are seen as
Unlike the S&P 500, which holds a $50 trillion valuation, or gold at $22.5 trillion, Bitcoin could surge past $150,000 even by capturing a
vulnerable to downward pressure, particularly if a recession is confirmed
near-term upside.This article is for general information purposes and is not intended to be and should not be taken as legal or investment
