The leading cryptocurrency, Bitcoin (BTC), surged above $72,000 following a two-week ceasefire between the US and Iran. However, Israel’s continued attacks on Lebanon cast a shadow over the ceasefire.
As Bitcoin continues to trade above $70,000, the options market has also entered an upward trend.
Cryptocurrency analyst Omkar Godbole noted an increase in call options for Bitcoin at $80,000 in the options market.
Citing Deribit data, the analyst stated that the Bitcoin options market is bullish and investors are pointing to $80,000 for BTC.
Accordingly, call options at $80,000 currently have the largest open position.
According to Deribit data, open interest in call options with a strike price of $80,000 has exceeded $1.6 billion, surpassing the $1.41 billion open interest in put options with a strike price of $60,000, which was a focal point during the market downturn.
Beyond options data, bullish signs are also visible in on-chain data. The analyst noted that net buying activity was recorded in the accounts of large investors holding more than 10,000 BTC, indicating positive on-chain signals.
However, the analyst added that the risks to the Bitcoin price remain, including the possibility of a reversal of the US-Iran ceasefire and potential volatility stemming from key economic indicators such as US fourth-quarter GDP.
Some market analysts predict that Bitcoin could reach $100,000 by the end of the second quarter if certain triggers occur, such as a decrease in geopolitical tensions and increased regulatory clarity.
*This is not investment advice.
