Trading experts believe that Bitcoin (BTC) is unlikely to recover to its previous five-digit price value this year and in today’s bitcoin news we find out why.
2018 was a bear year during the entire year when in November a massive sell-off led to the value of almost every major cryptocurrency to crash by double-digit percentage. Experts say that Bitcoin even dropped to $5,600 price point for the first time that year.
The options trading method which allows traders to bet on the price of an asset has allegedly gaining traction in the between the users of the crypto community. Ex- JPMorgan Chase derivatives trader Emmanuel Goh, who is also the founder of the crypto data company Skew, said that the daily volume in the crypto options market has increased twice as much since the beginning of the year.
Goh explained that now we have a five percent chance that BTC will reach $10,000 by September. He also noted that there is a possible $20,000 call option price range for June but the probability of the number one asset hitting that price is basically slim to none. The call option enables the holder to buy an asset at a set price in the right time when they are not obliged to do so.
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Goh said that the $20,000 call was a ‘’bullish trade that was made last year when investors were still discussing the short-term possibility of making new highs.’’
After the prolonged crypto winter and the long recovery, traders and experts believe in their bullish predictions for this cryptocurrency. For example, Arthur Hayes who is the co-founder of BitMEX but also its CEO, predicted a while ago that Bitcoin will return to its previous position at $10,000 in 2019 and that the $20,000 will be the ‘’ultimate recovery.’’
In the middle of the crypto crash last year, Tim Draper- a well-known billionaire and venture capitalist explained that BTC is expected to reach a stunning $250,000 by the end of 2022. Draper has also predicted before that fiat money will become obsolete in the next five years when bitcoin becomes widely adopted across the globe.
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