News - Bitcoin soon to hit $75,000? Traders are betting on these prices

By Mike Hesp

Bitcoin soon to hit $75,000? Traders are betting on these prices

US$75,000 in March and even $100,000 by the end of the year: traders are betting millions of US dollars at these price levels.

Bitcoin broke through the barrier of $50,000. If it is up to some traders, the signs point to further gains.

They use so-called options to bet on declining and rising prices. In the case of Bitcoin, their gaze is mostly upward.

On Deribit, the largest crypto exchange for such bets, signs point to $65,000, $75,000 and even $100,000 by the end of the year.

Many traders are betting on $60,000 to $75,000 by the end of March 2024.

By December 2024, more than 1,000 options stand at $70,000 and almost as many at $100,000. The value of these bets totals $120 million.

Interesting: In the month of the halving, April 2024, most options are at $50,000, about 2,200 for $116 million.

Bitcoin is currently trading at about $52,000 (at 9:00 a.m.), with a market capitalization of about one trillion U.S. dollars.

The cryptocurrency reached this level for the first time in two years.

During the week, BTC rose about 12 percent.

Bitcoin rose 230 percent in 2023 pending the approval of the Bitcoin Spot ETF and became one of the best-performing assets of the year.

The Bitcoin Spot ETF allows institutional investors in particular to buy the cryptocurrency through asset managers. These include BlackRock and Fidelity, two heavyweights on Wall Street.

After a weak start, the BTC spot ETF is considered one of the most successful in financial history.

BlackRock, the world's largest asset manager, is buying in record amounts. Within a month, it bought about 100,000 BTC, more than $5 billion.

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