TechFlow news, November 27 — According to Cointelegraph, on-chain data shows that nearly half of Bitcoin options traders are betting that the Bitcoin price will surpass $100,000 by the end of 2024, with some even anticipating a rise to $150,000. Nick Forster, founder of an on-chain options DeFi protocol, noted in a market report on November 26 that the probability of Bitcoin exceeding $100,000 has risen from 34% last week to 45%, while the chance of surpassing $150,000 stands at 4%.
Derive data indicates that 41.3% of options trades are calls, 38.3% are puts, and "sellers are extremely rare." At the time of writing, Bitcoin was trading at $92,680, down approximately 7.02% from its previous near-$100,000 high. Data suggests that by the end of 2024, there is a 68% probability Bitcoin will either retrace to $81,493 or rise to $115,579, while the likelihood of it falling below $70,000 or rising to $137,645 is only 5%.
Nonetheless, some analysts have not ruled out the possibility of a deeper correction. CryptoQuant CEO Ki Young Ju stated that even during a "parabolic bull market," Bitcoin could experience a pullback as large as 30%.
