Bitcoin

when

Nearly half of Bitcoin options traders are betting on a six-figure price by the end of 2024, with a few even eyeing a surge to $150,000 despite the recent pullback to $90,000, onchain data shows.
“Interestingly, the likelihood of BTC exceeding $100,000 has risen to 45% from last week’s 34%, with a new 4% probability of surpassing $150,000,” onchain options DeFi protocol founder Nick Forster said in a Nov. 26 markets report.
<h2 id="very-few-bitcoin-sellers-according-to-data">“Very few” Bitcoin sellers, according to data</h2>
Forster said that the significant demand for Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) options, particularly calls that bet its price will rise, “signals a strong market appetite for both upside potential and downside protection.”&nbsp;
<figure>
 <img alt="Cryptocurrencies, Markets, Bitcoin Options" src="https://s3.cointelegraph.com/uploads/2024-11/01936c2c-6741-754c-b96e-72a966195fde" title="">
 <figcaption style="text-align: center;">
 BTC Put Call Trade Distribution Graph. Source: Derive
 </figcaption>
</figure>
According to Derive data, 41.3% of contracts traded were calls, while 38.3% were puts betting Bitcoin would drip with “very few sellers.” These grant the buyer the right, <a data-ct-non-breakable="null" href="https://cointelegraph.com/explained/derivatives-in-crypto-explained#:~:text=Options%20contracts:%20These%20agreements%20grant,price%20(the%20strike%20price)." rel="null" target="null" text="null" title="null">but not the obligation</a>, to purchase (call option) or sell (put option) Bitcoin on or before an expiration date at a particular price (the strike price).
At the time of publication, Bitcoin is priced at $92,680, down about 7.02% from its near $100,000 peak, which topped out at $99,541, according to CoinMarketCap <a data-ct-non-breakable="null" href="https://coinmarketcap.com/currencies/bitcoin/" rel="null" target="null" text="null" title="null">data</a>.
<figure>
 <img alt="Cryptocurrencies, Markets, Bitcoin Options" src="https://s3.cointelegraph.com/uploads/2024-11/01936c2c-b567-7a0a-ac65-c27f13803711" title="">
 <figcaption style="text-align: center;">
 Bitcoin is trading at $92,680 at the time of publication. Source: CoinMarketCap
 </figcaption>
</figure>
The data also indicates that by the end of 2024, Bitcoin has a 68% chance of retracing to $81,493 or rising to $115,579. Meanwhile, there’s only a 5% chance of it dropping below $70,000 to $68,429 or reaching as high as $137,645.
However, some analysts have not ruled out the possibility of more severe pullbacks.
<h2 id="more-brutal-pullbacks-a-possibility-says-analysts">More brutal pullbacks a possibility, says analysts</h2>
CryptoQuant CEO and founder Ki Young Ju said in a Nov. 26 X <a data-ct-non-breakable="null" href="https://x.com/ki_young_ju/status/1861287668602282299" rel="null" target="null" text="null" title="null">post</a> that even in a “parabolic bull run, Bitcoin can see -30% pullbacks.”
Ju highlighted that “such corrections repeatedly occurred” during the 2021 cycle when Bitcoin then surged from $17,000 to $64,000.
“This isn’t a call for a correction — just manage your risk and avoid panic selling at local bottoms. We’re in a bull market,” Ju added.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-92-k-correction-triggered-long-term-hodlers-etfs" rel="null" target="null" text="null" title="https://cointelegraph.com/news/bitcoin-92-k-correction-triggered-long-term-hodlers-etfs">Bitcoin $92K price correction triggered by long-term hodlers, not ETFs</a>
Meanwhile, prominent crypto analyst PlanC is “happy” to see Bitcoin “consolidate a bit in the 90s.”
“It’s looking more and more likely that we could actually spend some time consolidating in the 90s,” PlanC stated in a Nov. 26 X <a data-ct-non-breakable="null" href="https://x.com/TheRealPlanC/status/1861481290664673360" rel="null" target="null" text="null" title="null">post</a>.
“If that’s the case, it would be the best-case scenario for the longevity of this bull market,” he added.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/based-rollups-make-ethereum-feel-ethereum-again/" rel="null" target="null" text="null" title="null">Make Ethereum feel like Ethereum again: Based rollups explained</a>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin has a 50-50 chance of reaching $100K by year-end: Options data

Table of Contents

Cointelegraph

Other articles published on Nov 27, 2024

A U.S. court nullifies Tornado Cash sanctions

Ex-CFTC Chair Predicts SEC Will Drop XRP Case Under Trump

Solana Reaches Its All-time High: What To Expect? Technical Analysis Of November 27, 2024

Court Rules Treasury Overstepped Authority on Tornado Cash Ban

Solana Price Prediction for Today, November 27 – SOL Technical Analysis

CHILLGUY Soars 58% in A Day To Reach $0.64 ATH

Join our free newsletter for daily crypto updates!