x
JOHN P. NJUI • BITCOIN (BTC) NEWS • JANUARY 7, 2020
Summary:
Bitcoin (BTC) has a 9% probability of exceeding $100,000 by September of this year. This is according to options prices on the various Bitcoin derivatives platforms. This fact was highlighted by the team at Skew via the following Tweet and accompanying chart demonstrating Bitcoin’s chances at exceeding various prices including $100k.
The analysis by Skew is further reiterated by the Deribit exchange recently adding the $200k strike on the December 2021 Bitcoin Options Contract. Such a strike sounds a bit unrealistic but could become a reality based on the pace at which Bitcoin is gaining in the crypto markets.
At the time of writing, Bitcoin is trading at $39,600 and is only $400 shy of the $40k price ceiling. If Bitcoin achieves the latter, chances are that it will go on to fulfill the $50k price prediction made by numerous analysts last year.
Furthermore, Bitcoin breaking $40k today or tomorrow would mean that it would have doubled in value within a span of three weeks. One needs only to remember that $20k was broken on December 16th, 2020, to fathom the pace of this Bitcoin bull-run.
Bitcoin’s push towards $40k is also happening at a time when the United States is coming to terms with the invasion of Capitol Hill by Trump supporters. Such an event would normally have caused considerable market selling but Bitcoin has kept pumping despite the turmoil. Crypto analyst and enthusiast, Andrew Kong, best summarized this observation via the following statement.
BTC is now impervious to negative geopolitical events. Global uncertainty doesn’t hurt, but actually helps fuel its utility and belief
Markethive Advertisement
Original article posted on the EthereumWorldNews.com site, by John P. Njui.
Article re-posted on Markethive by Jeffrey Sloe
