Crypto News – Bitcoin option traders have been positive, predicting that the price of BTC will reach $50,000 by the end of January 2024, following the cryptocurrency’s latest price surge to $44,000.
Option Traders Are Taking the Risk that the BTC Price Will Hit $50.000
Options trading platform GreeksLive tracks changes in Bitcoin’s December options share. After surpassing 50% last week, the share has now fallen back below this level due to the market’s recent gains. This dynamic is a result of short-term market developments driving a significant spike in short-term option positions.
In the cryptocurrency market, trading in derivatives, such as options and futures, is still very common. Notable is the popularity of cash-settled options and futures contracts, which provide traders with the freedom to implement strategies without having to deal with particular issues connected to cryptocurrencies, such as custody.
The Bitcoin Price Hasn’t Increased This Much Since 2021
As of right now, the price of Bitcoin has not been this high since December 2021. The market is currently still optimistic as anticipation for the approval of the first Bitcoin ETF grows. Further volatility in the price of BTC could result from this as well.
Traders anticipate more interest in the cryptocurrency industry due to the possible introduction of a Bitcoin ETF and a return on risk-taking in the larger financial markets. Supported by 642,000 wallets that have gathered 347,000 BTC at this price point, cryptocurrency expert Ali Martinez has determined a stable support level for Bitcoin at $42,700.
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