Bitcoin’s (BTC) recent surge has triggered options for traders to reassess the potential of BTC price to reach the $100,000 level at some point this year.

According to CoinDesk data, Bitcoin (BTC) has surged by more than 12% to $63,470 following Federal Reserve Chairman Jerome Powell’s announcement last Wednesday, ruling out further tightening or rate hikes as the next policy action. Friday’s underwhelming US nonfarm payrolls (NFP) data supported Powell’s position, bolstering BTC’s rebound.

Consequently, there has been a significant surge in demand for Bitcoin call options on Deribit and over-the-counter (OTC) networks. These options specifically aim to anticipate a surge to new peaks, potentially exceeding $75,000 and even reaching $100,000.

QCP Capital also noted that they are observing continued bullish momentum in volatility and rates, following the rebound from Friday extending into the weekend. Bitcoin (BTC) risk reversals have turned positive (with calls now more expensive than puts) and there’s renewed interest in Bitcoin (BTC) expiry of $75,000 and $100,000 calls.

A call option grants the holder the right to buy the underlying asset at a predetermined price on or before a specified date. By contrast, a put option buyer holds a bearish view of the market, as they have the right to sell the underlying asset at a predetermined price on or before a specific date.

Analysts from 10X Research also stated that Bitcoin remains supported by the US election cycle and sustained deficit spending. Consequently, they have revised their key support level from $68,300 to $62,000 in their May 3 report, suggesting that the market could adopt a bullish stance above the $62,000 mark. Meanwhile, John Glover chief investment officer of Ledn, suggests Bitcoin’s (BTC) price could rise to 92,000.

At this time of writing, Bitcoin is trading at $64,133.39 showing a 0.11% increase in the last 24 hours.