Crypto Traders Anticipate $100k Threshold Following Bitcoin (BTC) Price Rebound

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.

ABOUT THE AUTHOR See More

Sophia Cruz

Financial Writer - Asian & European Desks

Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.

Related Articles

Metaplanet Flips El Salvador—6,796 BTC on $126.7M Buy

2 hours ago

Save

Ripple: XRP turns pale as liquidity shift Bitcoin, Ethereum, Solana

4 hours ago

Save

Bitcoin Price Eyes $135K as US-China Trade Talks Fuel Bullish Surge

19 hours ago

Save

Comments

0 0 votes

Article Rating

Subscribe

Login

Notify of

new follow-up commentsnew replies to my comments

Please login to comment

0 Comments

Oldest

Newest Most Voted

Inline Feedbacks

View all comments