Crypto derivatives exchange Deribit just added Bitcoin options with a $300K strike price and December 2021 expiry.
And here we go. We thought those 36k options for $BTC were crazy.
Oh man build it and they will come right? 👏 https://t.co/zSOofJpQJL
— NekoZ (@CryptoNekoZ) January 8, 2021
This move is hugely bullish for Bitcoin, as traders who enter this position believe that the price of the cryptocurrency will exceed $300K at the end of the year.
The market-leading cryptocurrency has rallied significantly over the past few months, touching an all-time high of $41,500 earlier this week.
In fact, data from Crypto Watch shows that Bitcoin’s bull run continued to accelerate over the past few weeks, taking only 2 days to reach $40,000 from $35,000.
According to one trader, the upper trendline on Bitcoin’s charts has been broken and as such, the price trend since October will continue to accelerate at a higher rate going into a parabola. His analysis reveals that $60K, $80K, and $100K prices are a possibility this month.
Driven by this accelerated price rally, the cryptocurrency’s market cap has also risen to overtake major companies like Berkshire Hathaway and Visa.
While this vertical movement in price has astounded many who believe that a correction is imminent, some were not too surprised by the market developments.
According to investor Preston Pysh, the current price action looks ‘fairly normal’ following a quantitative tightening (halving) event. He goes on to state,
“Not sure why everyone thinks this is so surprising. This is what an algorithmically programmed, unmanipulated, decentralized monetary policy does. Welcome to the 21st century.”