August 5, 2021

High priced $80K Bitcoin options signal pro traders expect more upside

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Betting on an $80,000 Bitcoin call options for June doesn’t seem outrageous given BTC’s bullish performance over the past few weeks. This was not the case a couple of months ago when BTC peaked at $42,000 on Jan. 8 and subsequently dropped to the $30,000 level. 

Bitcoin price, USD. Source: TradingView

At that time, a 150% upside was needed from the $32,000 price on Jan. 26, and this seemed quite far-fetched. Therefore, the June $80,000 BTC call (buy) options traded at Deribit for $2,240, or 0.07 BTC.

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BTC $80,000 June call option, in BTC. Source: Deribit

Less than two months later, as BTC reached $61,700 on March 13, the same call option peaked at BTC 0.15, or $9,255. That’s a 3x gain in less than seven weeks. Keep in mind that despite the 93% rally to $61,700, an additional 30% upside was needed to reach the $80,000 strike.

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BTC June call option market.Title: High priced $80K Bitcoin options signal pro traders expect more upside
Sourced From: cointelegraph.com/news/high-priced-80k-bitcoin-options-signal-pro-traders-expect-more-upside
Published Date: Wed, 17 Mar 2021 20:05:00 +0000