50-50 chance for the $100k Bitcoin price in this year

-

New on-chain data suggests that the chances of Bitcoin surpassing the $100k milestone have jumped to 45%, even with its dip in the past days.

Betting big

Almost half of Bitcoin options traders are feeling optimistic about a six-figure price by the end of 2024, but some are even daring to dream of a surge all the way to $150,000, despite Bitcoin just pulled back to around $90,000.

Nick Forster from DeFi protocol, shared that the probability of BTC exceeding $100,000 has increased from 34% last week.

Plus, there’s now a 4% chance it could hit that lofty $150,000. That would be quite epic Xmas gift!

What the data says

Forster noted that there’s a strong demand for Bitcoin options, particularly call options, which are bets that the price will rise.

This indicates a strong appetite in the market for both potential gains and some downside protection.

Source: Derive

About 41% of contracts traded were calls, while only 38% were puts, meaning traders are more bullish than bearish right now.

Looking ahead, the data suggests that by the end of 2024, Bitcoin has a 68% chance of either retracing to around $81,493 or climbing up to $115,579.

There’s only a slim 5% chance it could drop below $70,000, landing at around $68,429, or soar as high as $137,645.

Hodl on, hold on

As always, not everyone is convinced that smooth sailing lies ahead. Ki Young Ju, founder of CryptoQuant cautioned that even during a parabolic bull run, Bitcoin can experience pullbacks of up to 30%.

X

He pointed out that similar corrections happened during the 2021 cycle when Bitcoin skyrocketed from $17,000 to $64,000.

“This isn’t a call for a correction—just manage your risk and avoid panic selling at local bottoms. We’re in a bull market.”

Well-known crypto analyst PlanC expressed his contentment with Bitcoin consolidating in the $90s range.

“It’s looking more and more likely that we could actually spend some time consolidating in the 90s. If that’s the case, it would be the best-case scenario for the longevity of this bull market.”

Have you read it yet? Bitcoin is dipping, but alts got some confident supporters

LATEST POSTS

BRICS shake up Bitcoin’s destiny

Bitcoin is cruising steady around a $2.21 trillion market cap, with the whole crypto universe clocking in at about $3.8 trillion. But experts warn that...

South Korea Greenlights Venture Status for Crypto Firms on September 16

South Korea crypto firms will be eligible for venture company status starting September 16, 2025. The Ministry of SMEs and Startups approved a change to...

Whales swim away from Bitcoin, but mid-tiers dive in

Listen, the Bitcoin sea’s got some big fish heading for the exit, while the midsize players are stepping up, grabbing what those whales leave behind....

Bitcoin vs Gold: The Hybrid Play That’s Turning Heads

Bitcoin’s been through a volatile ride lately, shedding almost 9% off its peak of $124,128 hit just last month. The market’s holding its breath, waiting...

Most Popular

Guest posts