In recent Bitcoin news, Gold soared to astronomical levels to test $30 trillion in market capitalization. However, the precious metal has been bleeding some of its gains lately. On the other hand, Bitcoin price today seems to be attracting a share of that capital. This week, Bitcoin price jumped by 2.98% to $111,461 while Gold price went down by 11.53% over the week.
Bitcoin Price Could Soar to $242,391 If It Seizes 4% Of Gold Capital
Bitwise suggested in its latest report that Bitcoin’s next big boost could come from a quiet but powerful shift in capital. The firm noted that gold’s sharp rise this year, fueled by hopes of looser monetary policy and mounting worries over U.S. fiscal debt, has drawn massive investor attention. However, Bitwise pointed out that even a small redirection of funds from gold to Bitcoin could change the game. A move of just 3% to 4%, the report said, might be enough to double Bitcoin price. This highlights how sensitive the market remains to shifts in investor sentiment. Bitwise also highlighted an even more striking scenario. The firm estimated that if just 5% of gold investments were redirected into Bitcoin, the value could surge by more than 126%, reaching roughly $242,391. This projection was calculated using Bitcoin’s price of $107,240 at the time the report was released. It underscores how even a small shift in investor preference could send ripples across the digital asset market.
Bitcoin Open Interest Soaring to $50 Billion
Open interest (OI) in Bitcoin options has climbed to a record $63 billion. And most bets are placed on higher strike prices. The momentum is even stronger on Deribit, the world’s largest crypto options exchange. The platform reported that its own open interest hit an all-time high of $50 billion, noting a surge in demand for $100,000 put options. Deribit, which accounts for roughly 80% of global crypto options activity, said this spike reflects a wave of strategic positioning among traders.
Open interest measures the total value of active options contracts that haven’t yet expired or been settled. Record highs suggest heavy participation and confidence among investors who appear to be bracing for significant price movement in Bitcoin.
BTC Preparing to Rally in Q4
Bitcoin price action today is showing renewed strength after breaking above the falling trendline. This move suggests buyers are slowly regaining control. As highlighted by JDK Analysis, the market is now grinding higher and appears poised for another potential test of the ATH-anchored VWAP zone near the $113,500–$116,000 range. This price level marks a short-term resistance zone around the 0.5 Fibonacci retracement level. In the event of a strong breakout above the range, the price of Bitcoin could dash towards higher targets around the $120,000 or retest the all-time high.
Meanwhile, there is a firm support at $107,300 which lies near the current breakout zone. The goal for bulls is to maintain these support levels. Otherwise, the price could drop towards the 50-day simple moving average below $104,000. With the upcoming release of the U.S. CPI data, expect volatility to increase and chances of bulls giving up their strength to the bears.