Options market projects Bitcoin’s chances of reaching $100k

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Approximately 600 call options for Bitcoin with a strike price of $100,000 each were bought or sold in a large transaction today.

Based on Greeks.live’s report, the traders held potential values of approximately $45 million and $8.5 million from their options on Bitcoin. The confidence in Bitcoin’s price reaching or surpassing $100,000, according to the options market, was shared by these traders.

Several traders believe that Bitcoin’s value will significantly increase based on current market trends, indicating a positive outlook for the cryptocurrency.

Bitcoin surpassed the $70,000 mark unexpectedly, reaching just below its all-time high.
The sudden increase led to a substantial hike in Implied Volatility (IV) for major terms, with Bitcoin’s volatility now exceeding 78%.
Over $600 worth of Bitcoins are currently valued at over $100,000.

— Greeks.live (@GreeksLive) April 8, 2024

The price of Bitcoin rising by 4% to reach over $71,000 today fueled optimism. Additionally, there was approximately $570 worth of inflows into spot Bitcoin ETFs over the past week. This sharp climb has significantly boosted the implied volatilities (IVs) for all major terms, with Bitcoin’s Daily Volatility (Dvol) exceeding 78%.

As a result, the market attitude towards Bitcoin has significantly changed, leaning towards optimism. The cryptocurrency’s daily trading activity saw an almost 80% increase today.

The market is experiencing a strong upward trend, which some traders refer to as a prolonged bull run, in anticipation of Bitcoin’s upcoming halving event. Historically, this event has led to a decrease in the creation rate of new Bitcoins, making the cryptocurrency scarcer and potentially more valuable due to its finite supply.

The excitement grows amongst investors and market watchers as the important milestone approaches, with the distinct possibility of surpassing previous records, even reaching the significant figure of $100,000.

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2024-04-08 23:29