Will the Bitcoin Price Continue to Rally in 2024? Analyst Answers

According to data from derivatives exchange Deribit analysts, Bitcoin (BTC) futures show that the market expects the BTC price to continue gaining value in 2024. One analyst noted that the data is a “supportive sign” for Bitcoin to continue gaining value in the spring of 2024.

Luuk Strijers, Deribit’s Chief Commercial Officer, highlighted data showing that the futures premium over BTC’s spot price has been on the rise since the beginning of October for contracts expiring in March, June and September of the following year.

Strijers explained that the futures basis, which is the difference between the spot price of the asset and the future price of the same asset, rose above 10%. According to the analyst, this is seen as a strong indicator of market sentiment.

Strijers continued his comments and added:

“When the basis rises, it indicates that the market expects the spot price to rise. The annual basis is currently at 10-12%, which means the market expects the underlying asset to rise 10-12% next year.”

In addition to futures data, Strijers also pointed out that concerns had eased after Binance’s legal issues were resolved. Strijers cited escalating geopolitical tensions, easing inflation and a steady increase in corporate participation as other factors contributing to positive market sentiment.

*This is not investment advice.

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