The Securities and Exchange Commission's approval of various Bitcoin ETFs caused market volatility. Bitcoin rose to $49,000 after the news, then fell to $42,000. Bitcoin's April halving has analysts divided on its price trajectory. Check out this Bitcoin pricing article.
Bitcoin's 24-hour trading volume is $25.44 billion, and its price is $42,743. Bitcoin's market cap is $837.71 billion, with 49.43% domination. The BTC price rose 0.18% in 24 hours.
Bitcoin hit $68,770 on November 10, 2021, its all-time high. On July 17, 2010, it hit a record low of $0.050000. The lowest BTC price since its all-time high was $15,599 (cycle low), and the highest was $48,941. Bitcoin price forecast mood is neutral, and the Fear & Greed Index is 52.
The maximum Bitcoin supply is 21.00 million BTC, yet 19.60 million BTC are circulating. The 1.99% annual supply inflation rate created 382,052 BTC last year. Bitcoin leads the Proof-of-Work Coins and Layer 1 sectors in market cap.
Market analyst and Jan3 investment business founder Samson Mow expects Bitcoin's price to increase to $1 million in days or weeks. He links this assumption to the anticipated benefits of a spot Bitcoin ETF. Mow had previously praised Bitcoin's prospects.
Mow recently suggested that the Max Pain Theory applies to Bitcoin on his official X account. On expiry, the price of an underlying asset rises toward a point that gives the most “pain” to the most options purchasers or the least loss to option sellers, according to this hypothesis.
Mow thinks that powerful Bitcoin investors may intentionally push the selloff to make the commodity more appealing for acquisition. The withdrawal of shares from the Grayscale Bitcoin Trust (GBTC) after the establishment of a spot Bitcoin ETF caused a “sell the news” situation, lowering Bitcoin's price to $42,462 last week.
The Max Pain Theory, as applied to Bitcoin price details, suggests that on options expiration day, the price of the underlying asset (in this case, Bitcoin) tends to move toward a point that causes the most “pain” to the most options buyers. Conversely, it seeks to minimize options seller losses.
Samson Mow argues that high-value Bitcoin holders may engineer a selloff, maybe in combination with a spot Bitcoin ETF, to make Bitcoin reasonably priced. This strategy is thought to follow the Max Pain Theory, which manipulates market dynamics to maximize options purchasers' losses and benefit options sellers or Bitcoin buyers at a cheaper price.