March 18, 2021
Traders Bet That Bitcoin Will Hit $100K
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Traders Bet That Bitcoin Will Hit $100K

Bitcoin Price broke the resistances and could surge to around $23,000. However, many investors and traders predict higher prices for Bitcoin. In fact, they are still optimistic about its price and expect that it will set new records in its history. One of the main reasons for these forecasts is that many institutional investors entered the market and invested in Bitcoin.  Recently, a platform called “Deribit” allows traders bet whether Bitcoin will hit $100K or not.

 

Bitcoin will hit $100K in the near future

The Bitcoin derivatives trading is surging rapidly these days. Recently, a platform allows traders bet that flagship cryptocurrency will meet $100,000 by Sept, 2021. This strike established due to an increase in daily trading volume.

In fact, in options trading, a strike price refers to the value, which derivative contract be sold or bought when it is applied.

Deribit is one of the largest crypto derivative exchanges

The marketing data, which was published on Twitter Thursday, show that Deribit processed 754,123 BTC options contracts just in November. Deribit is the tenth-largest crypto derivatives exchange on CMC (CoinMarketCap). However, the volume, which revealed by CMC may not show the actual market turnover. The reason is that the data collection has methodological issues.

In addition, Skew report shows that Deribit is the largest derivatives market for Bitcoin trades. In fact, Skew is the platform, which provide crypto data analytics. The Skew added that daily options trading in Bitcoin exceeded $1 billion for its first time.

Traders bet that Bitcoin will hit $100K; Predictions around Bitcoin future price

The optimistic forecasts for Bitcoin are from its passionate supporters. Interestingly, most of the bullish predictions are coming from outside of the Bitcoin community.

For instance, Citibank announced they predict that Bitcoin would be around $318,000 in the next coming year. However, Guggenheim forecast $400,000. Meanwhile, JPMorgan believes that Bitcoin price will surge sharply by receiving a $600 billion catalyst.

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