🚀🚀🚀 #Bitcoin’s #Bullrun Ignites: Traders Target $80,000 In High-Stakes Options Frenzy
As Bitcoin surpassed the $52,000 threshold, a noticeable shift in investor sentiment has emerged, characterized by heightened interest in call options for Bitcoin at "ambitious" strike prices. This trend, primarily focusing on strikes above $60,000, signals a strong confidence among traders in Bitcoin's potential for further upward movement.
QCP Capital, a renowned crypto asset trading firm, elucidated this trend in its latest report, highlighting the concentrated buying activity in these high-strike call options across various expiry dates.
A Surge in High-Strike Call Options
Call options provide the right to buy an asset at a set price within a timeframe. The surge in call option buying at higher Bitcoin strike prices indicates investors' bullish outlook, expecting significant price rises. QCP Capital noted nearly "$10 million spent on premiums for $60,000 and $80,000" strike options alone, underlining substantial financial commitments backing this optimism.
QCP Capital finds increased Bitcoin call options purchases above $60,000, indicating long-term bullish sentiment. Deribit reports concentration of open call options at $65,000 and higher, with a cluster targeting a $100,000 strike price in December.
By March's end, high-volume Bitcoin options calls at $60,000 strike reflect immediate bullish outlooks. Over 1,273 contracts for March 29 expiry represent a notional value exceeding $67 million, showing substantial capital on these optimistic predictions.
#Bitcoinmarket Sentiment and Predictions
Bullish Bitcoin forecasts, such as Matt Dines' 'Cup and Handle' pattern suggesting a rally to $75,000, alongside QCP Capital analysts' projections of new all-time highs before March 2024, drive enthusiastic options trading. Ethereum's market shows optimism, with a notable accumulation of call options around the $4,000 strike for mid-year expiries, indicating positive sentiment across major #cryptocurrencies.
Source - newsbtc.com
