Popular analysts say Bitcoin ($BTC) and Ethereum ($ETH) could see massive gains in a time of “absolute pleasure.”

The anonymous host of the popular YouTube channel InvestAnswers, who has said in the past that he expects the Bitcoin price to hit $1.5 million by 2030, predicts for the near future both Bitcoin ($BTC) as well as Ethereum ($ETH) an upward trend in prices.

In a recent video the host shared with his 445,000 subscribers, he revealed that Bitcoin’s expected surge to $42,000 by April 2024 would come as no surprise given the trends observed in the options market.

According to InvestAnswers, Bitcoin’s call options have attracted more demand than put options, indicating a decidedly bullish sentiment. It is worth noting that call options are products that give the holder the right, but not the obligation, to purchase an asset at a specific price within a specific period of time.

Conversely, put options allow, but do not oblige, the holder to sell an asset on the same terms. The InvestAnswers moderator noted that there was “a lot of movement at $45,000 at the end of this year,” adding that the put-call ratio now stands at 0.39, which is “very bullish.” He added:

I’ve said many times that I wouldn’t be surprised if we saw $42,000 at the time of the halving through April 2024. According to the [chart below], we could be there by Christmas – $45,000+. Again, whether the players of these option actions are correct

Switching to Ethereum, the anonymous analyst interprets the put-call ratio of this second-largest cryptocurrency by market cap as “extremely bullish” omens. In his words, there is “another major call demand at $2,500 for ETH, same day December 29, 2023.”

The put-call ratio here is 0.21, which is “hugely bullish” and “virtually nobody” is buying puts on Ethereum as the market expects the cryptocurrency to surpass $2,000 and into Christmas will rise to $2,500.

The host added that the timing might be unpredictable but the next five months promise to be exciting, as will the year after. According to him, there will still be 18 months of “absolute joy”.

As CryptoGlboe reported, cryptocurrency analyst Willy Woo recently indicated that he believes the price of the flagship cryptocurrency, Bitcoin, is in the “early stages of further price pressure,” suggesting that the cryptocurrency’s price could rise in the near future.

Woo’s words come as major financial groups, who together manage a staggering $27 trillion in assets, are making inroads into the world of bitcoin and cryptocurrencies following a race to list the first bitcoin exchange-traded fund (ETF) in the United States has begun.

These financial giants, which include BlackRock, Fidelity, JP Morgan, Morgan Stanley, Goldman Sachs, BNY Mellon, Invesco, and Bank of America, are “actively working to provide access to Bitcoin and more,” according to Meltem Demirors, Chief Strategy Officer of CoinShares.

Featured image via Unsplash.

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