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Bitcoin options traders are signaling strong confidence in the cryptocurrency’s potential to hit six figures by the end of 2024, with some even forecasting an ambitious target of $150,000. Onchain data reveals that 45% of traders now see a chance for Bitcoin to surpass $100,000—a notable jump from 34% just last week, according to Nick Forster, founder of an onchain options protocol.
“This surge in sentiment underscores a robust appetite for both upside potential and risk mitigation in the current market,” Forster stated in his November 26 report.
Derive’s market data further supports this bullish sentiment, showing 41.3% of recent Bitcoin options contracts as call options—bets that Bitcoin’s price will rise. Meanwhile, 38.3% are puts, reflecting bearish expectations. Interestingly, trading volumes reveal “very few sellers,” suggesting limited market resistance against upward momentum.
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At the time of publication, Bitcoin is trading around $92,600, a 7% drop from its recent peak of $99,541. Despite the pullback, projections suggest a 68% likelihood of Bitcoin trading between $81,493 and $115,579 by the end of next year.
Caution Amid Optimism: Analysts Weigh In
While many traders are focusing on Bitcoin’s upward potential, analysts are urging caution, highlighting the possibility of sharp corrections during the bull market cycle.
Ki Young Ju, CEO of CryptoQuant, pointed out that even in parabolic rallies, Bitcoin has historically faced significant pullbacks. “During the 2021 cycle, corrections of up to 30% occurred before Bitcoin surged from $17,000 to $64,000,” Ju noted in a November 26 post. He stated the importance of risk management, adding, “This isn’t a call for a correction—just manage your risk and avoid panic selling at local bottoms.”
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Another prominent analyst, PlanC, sees Bitcoin’s current consolidation phase as a positive signal for the longevity of the bull market. “Spending time consolidating in the 90s could be the best-case scenario for a sustainable rally,” PlanC commented in a recent post.
What’s Next for Bitcoin?
While the excitement around Bitcoin’s six-figure potential continues to grow, market participants remain aware of the inherent volatility. Projections of $150,000 are enticing, but analysts caution that achieving these heights will require navigating pullbacks and market corrections.
For now, the optimism in the Bitcoin options market reflects a community prepared to balance risk with opportunity as it sets sights on a transformative year ahead.
