It is now clear that the crypto market is very optimistic. But the data on Bitcoin (BTC) options also confirms this. Based on open options, traders appear to be expecting all-time highs for the Bitcoin price this summer. Data from crypto derivatives platform Deribit shows that traders expect a price of $70,000 before June 28. In other words: a new one All-time high.
Bitcoin options traders are bullish
So options traders are very bullish. Some traders have even opened options for prices above $100,000 by the end of June. This emerges from an analysis by DefiLlama.
A total of 2,700 positions are open, betting on a price of more than $70,000 on June 28th. 2200 positions are aiming for a price of more than $75,000. The most popular position is above $60,000 or $65,000. More than 3,000 positions have been opened for these current price targets.
1,500 jobs is more optimistic. These traders expect Bitcoin price to surpass $100,000 this summer.
Traders will make money if the Bitcoin price is above the relevant price on or before June 28th.
A new all-time high this summer?
The reason for the growing optimism among Bitcoin options traders is the impressive rise in Bitcoin price. Since last month, BTC has risen by more than 30 percent. This marked the first time BTC has crossed the important $50,000 mark since December 2021.
Although the open options are a sign of optimism in the market, such a price increase in the coming months is certainly not certain. BTC price is currently high and according to consensus, a correction would certainly not be a surprise.
However, with the upcoming Bitcoin halving, optimism remains for now and June is still a long way off. It is well known how fast things can move on the crypto markets. A new all-time high at the end of June would mean an increase of around 35 percent in four months. That doesn’t sound so crazy at the moment.