Bitcoin (BTC) price is very low, according to the options market data, to reach the all-time high. The coronavirus (Kovid-19) crisis can be a perfect storm for Bitcoin, but option traders believe that this could not fluctuate.
According to the cryptocurrency data provider Skew, the leading cryptocurrency has the chance to exceed its all-time high ($ 20,000) by December 25, but at a very small rate: 4 percent.
Market probability of bitcoin at new all-time-high for year-end = 4%
i.e BTC> $ 20k on 25th of December 2020 pic.twitter.com/tsjdjwu6gz
– skew (@skewdotcom) March 29, 2020
Bitcoin Will Not Be Halfway Rally
Options allow traders to buy or sell an asset at a certain date in the future. Therefore, this market can give a hint about Bitcoin’s price movement throughout the year. The third half of Bitcoin is expected to happen on May 13, so many bulls expect the BTC price to rise rapidly in 2020. However, the overwhelming majority of option traders think BTC will trade under $ 10,000 in December. This does not make it possible for the leading cryptocurrency to reach the highest level of a new year.
May be exaggerated
Bitcoin mining reward cuts have historically been linked to major rallies. However, there are also many skeptics who think that there will be no other bull run this time around. Trade specialist Peter Brandt called halving ‘highly exaggerated’, as this only results in “stack change” of Bitcoin’s supply.
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