PANews November 27 news, according to Cointelegraph, on-chain data shows that nearly half of Bitcoin options traders are betting that the price will break six figures by the end of 2024. Despite the recent price pullback to $90,000, some traders are still aiming for a high of $150,000. Nick Forster, founder of the on-chain options DeFi options protocol, stated in a market report on November 26: 'Interestingly, the likelihood of Bitcoin breaking $100,000 has risen from 34% last week to 45%, while a new probability of breaking $150,000 has also emerged, at 4%.
Forster further explained that the enormous demand for Bitcoin options (especially call options) 'indicates a strong demand in the market for both upside potential and downside protection.' According to Derive data, 41.3% of trading contracts are call options, while 38.3% are put options, betting on Bitcoin's decline, and 'sellers are very few.' The data also shows that by the end of 2024, Bitcoin has a 68% chance to rebound to $81,493 or rise to $115,579. Meanwhile, the likelihood of Bitcoin dropping below $70,000 to $68,429 or rising to $137,645 is only 5%.
