Recent derivatives data indicates a notable shift in sentiment toward optimism concerning Bitcoin. Analysts predict a potential rise in price to $120,000.
Professional Traders Turning Bullish
Derivatives data shows that professional traders have shifted their sentiment from bearish to increasingly bullish. The open interest in Bitcoin futures has risen by 7% over the past month, marking the first consistent climb since the mid-June downturn, indicating fresh capital is entering the market to support an uptrend.
Macro Conditions Fuel Bitcoin’s Safe-Haven Narrative
Broader economic concerns are strengthening Bitcoin’s appeal as a hedge asset. The U.S. recently announced upcoming tariff hikes on imports from Japan and South Korea, igniting fears of a global slowdown. These concerns are driving investors to seek alternative stores of value, with Bitcoin increasingly viewed as one of them.
Futures Market Reflects Rising Confidence
The steady increase in open interest underscores growing conviction among bulls. While still under the 10% threshold, this 7% rise over 30 days represents the strongest rebound since May’s 12% decline, suggesting traders are re-entering the market with newfound confidence.
The sentiment among professional traders and derivatives markets suggests that Bitcoin may be poised for a breakout. Despite short-term risks, the focus on $120,000 is becoming more relevant.
