Despite a turbulent Monday in the markets, some Bitcoin investors remain persistent in their predictions that the BTC price will reach $100,000 by the end of the year.
Data from derivatives trading tracker BasedMoney reveals that options that will pay out if Bitcoin reaches that price when contracts expire on December 27 are still the most popular among traders.
Options are financial derivatives that allow investors to speculate on price movements. Call options represent bullish bets, while put options can serve as a hedge against market volatility by paying out if the price of an asset declines. The 180-day skew chart for Bitcoin options, a key indicator of market sentiment, remains positive despite Bitcoin's brief dip below $50,000 on Monday.
Monday's market decline was part of a larger selloff in global markets, driven by recession concerns in the United States, policy changes in Japan and rising geopolitical tensions in the Middle East.
While optimism remains high among derivatives traders, Bitcoin price expectations are more moderate among users of crypto prediction platform Polymarket. Compared to last week, when online forecasters gave Bitcoin a 42% chance of reaching $100,000 before the end of the year, that rate is now down to 21%. This is a significant decline from the 64% peak in March, when Bitcoin and the overall cryptocurrency market reached a 2024 high in this regard.
During this rise period, Bitcoin reached its all-time high, exceeding $73,000.
*This is not investment advice.