- Thorn revealed bullish narratives and positive fundamentals are emerging for BTC.
- Thorn did note that there has been a drop in BTC’s on-chain liquidity.
- BTC’s price might rise before long-term holders profit, based on on-chain data.
Alex Thorn, the head of Firmwide Research, revealed in a series of X (formerly Twitter) posts yesterday that bullish narratives and positive fundamentals are emerging for Bitcoin (BTC). According to Thorn, the price of BTC could explode in the short term as a “gamma squeeze” has popped up.
the #bitcoin gamma squeeze from last week could happen againif BTCUSD moves higher to $35,750-36k, options dealers will need to buy $20m in spot BTC for every 1% upside move, which could cause explosiveness if we begin to move up towards those levels
more pic.twitter.com/OA9tJ0ZaK9
— Alex Thorn (@intangiblecoins) October 30, 2023
He anticipated that BTC could enter into a strong move soon if it climbs higher to between $35,750-$36K, as this will force options dealers to buy $20 million worth of BTC in the spot market for every 1% upside move. Thorn explained that dealers need to perform buy-spot trades to stay delta-neutral when the m…
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