Bitcoin Drops 1% Despite Whale Selloff, Analysts Predict $137,000 Rally

Bitcoin (BTC) and Ethereum (ETH) prices experienced a slight decline despite the expiry of options and selloff by whales, suggesting that traders are anticipating an upward momentum. Crypto analysts are optimistic about BTC reaching a new all-time high this month, with some predicting a rally as high as $137,000 following a bull flag breakout. Meanwhile, analysts are eyeing ETH to reclaim levels above $3,000, driven by strong inflows into Ethereum ETFs and increased buying by companies and institutional investors.

Over 27,500 BTC options with a notional value of $3 billion are set to expire, with the max pain price at $106,000. This indicates a high likelihood of a correction in BTC price. Traders may adjust their positions, leading to increased volatility. The put-call ratio was higher at 1.06, suggesting a bearish sentiment among traders as puts outpace calls. However, the put-call ratio was comparatively lower at 0.54 in the last 24 hours. Bitcoin price was down 1% at $108,800, indicating that bulls are holding above the max pain level strongly.

237,000 ETH options with a notional value of $0.6 billion are expiring. The max pain price was at $2,500, indicating potential selling pressure on ETH as traders exit or get liquidated. The put-call ratio was significantly higher at 1.26, suggesting a bearish sentiment among traders as puts dominate calls. The put-call ratio was 0.49 in the last 24 hours. Ethereum (ETH) price was trading at $2,550, down more than 1% in the last 24 hours.

Many notable analysts, including 10x Research, Peter Brandt, and Titan of Crypto, are bullish on Bitcoin due to a bull flag pattern breakout and strong inflow into Bitcoin ETFs. This could send Bitcoin price to above $135,000 in the coming months. Matrixport reported that July has historically favored Bitcoin and set $116,000 as the initial target. An upside move in Bitcoin is important to confirm bullishness, as evident from Bitcoin ETF inflow and rising corporate Bitcoin holdings. Popular analyst Ali Martinez revealed that over $30.5 million in short positions could be liquidated if Bitcoin breaks above $111,000, confirming a rally above $112,000.

Ethereum also showed signs of an upcoming rally amid increased adoption from institutions. Analyst Michael van de Poppe mentioned that the Ethereum (ETH) price broke through the resistance. If ETH holds above $2,500, the analyst predicted a rally to $3,000. Moreover, analyst Ted Pillows revealed that Ethereum is making a higher low. “Holding $2,500 would be the perfect resistance/support flip for Ethereum,” he said. Pullbacks in Bitcoin and Ethereum (ETH) prices were temporary due to liquidations of traders. The buying could probably begin again after options delivery.