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High priced $80K Bitcoin options signal pro traders expect more upside

Published 03/17/2021, 04:05 PM
Updated 03/17/2021, 05:40 PM
High priced $80K Bitcoin options signal pro traders expect more upside

Betting on an $80,000 Bitcoin call options for June doesn't seem outrageous given BTC's bullish performance over the past few weeks. This was not the case a couple of months ago when BTC peaked at $42,000 on Jan. 8 and subsequently dropped to the $30,000 level.

Bitcoin price, USD. Source: TradingView

At that time, a 150% upside was needed from the $32,000 price on Jan. 26, and this seemed quite far-fetched. Therefore, the June $80,000 BTC call (buy) options traded at Deribit for $2,240, or 0.07 BTC.

BTC $80,000 June call option, in BTC. Source: Deribit
BTC June call option market. Source: Deribit
Bitcoin 60-day options historical volatility. Source: Buybitcoinworldwide.com

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