The prevailing view among crypto traders is that Bitcoin (BTC) will reach new all-time highs of up to USD 100,000 in the coming months. This can be seen in the markets for Bitcoin options.
Optimism prevails on the crypto markets and traders are waiting for the Bitcoin rally to resume. There is currently no clear trend in the daily price curves for Bitcoin, where BTC has so far repeatedly bounced off the 65,000 mark. However, the US trade press is turning its attention to the markets with Bitcoin options – and the trends there are fairly clear. QCP Capital, for example, reports that it is experiencing increased demand for Bitcoin options in September with price levels of USD 75,000 and USD 100,000.
Bitcoin options allow traders to speculate on future BTC prices at fixed points in time. At Paradigm, options on the Bitcoin price of USD 85,000 for July are currently in high demand. And at Deribit, around 9.5 billion US dollars have been deposited to exercise Bitcoin options in a corridor of 65,000 to 100,000 US dollars in the coming months. This means that Deribit sees more than twice as much capital in options that bet on rising prices than in those that assume Bitcoin will fall in price.
The majority of market participants have evidently already checked off last week’s price corrections in Bitcoin. One reason for this is that the US Federal Reserve will leave key interest rates unchanged, providing a solid basis. In its latest weekly report, 10X Research identified the USD 62,000 mark, from which Bitcoin could start a bull market. And analyst John Glover from Ledn uses a wave model. According to this model, Bitcoin could experience a temporary price correction towards USD 55,000 before the upswing towards USD 92,000, says Glover.
Conclusion: Bitcoin price curve accompanied by optimism
Banks such as Standard Chartered Bank are even venturing into the regions of USD 150,000 in their Bitcoin forecasts. In general, analysts from the crypto industry and the traditional financial industry largely agree on the rosy outlook for Bitcoin. The valid all-time high of just under USD 74,000, which was only set in March, will be significantly pushed upwards by the end of 2024, as the sentiment can be summarized. Investors should definitely keep an eye on developments in Bitcoin ETFs, which have become an important indicator of price trends.
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