Bitcoin Options Traders Bullish on $100K Target Amid Market Rebound

Bitcoin's recent resurgence in price has sparked optimism among options traders, who are now eyeing the possibility of the cryptocurrency surpassing the $100,000 milestone in the near future.

As per data from various sources, including Deribit and OTC networks, there has been a notable surge in demand for bitcoin call options, particularly targeting strikes above $75,000 and even reaching $100,000. Call options give buyers the right to purchase the underlying asset at a predetermined price within a specified period, reflecting bullish sentiment in the market.

According to QCP Capital and Paradigm, two prominent trading firms, there has been renewed interest in out-of-the-money (OTM) calls, indicating anticipation of a short-term upward movement in Bitcoin's price trajectory. This sentiment is further supported by the closure of previous positions to invest in higher strike options, as observed on the Paradigm platform.

Deribit data reveals that traders have locked in over $688 million in call options with a $100,000 strike price, representing the highest notional open interest across all options listed on the exchange. Moreover, the total open interest in call options on Deribit exceeds that of put options by more than two times, underscoring the prevailing bullish sentiment among traders.

Technical Analysts Are Bullish

Technical analysts, including those at 10X Research and Swissblock Insights, are also bullish on Bitcoin's prospects, citing factors such as ongoing deficit spending and a weakening dollar index (DXY). Elliot wave analysis conducted by John Glover of Ledn suggests a potential rise to $92,000, in line with the theory's predictive patterns.

Looking Ahead: Despite the challenges posed by market volatility and regulatory scrutiny, the prevailing optimism surrounding Bitcoin's price trajectory underscores confidence in its long-term growth potential. As traders and analysts closely monitor market developments, the prospect of Bitcoin reaching new highs remains a focal point in the cryptocurrency landscape.

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