By Dipo Olowookere
A crypto expert, Mr Nick Forster, has projected that the price of Bitcoin (BTC) could exceed $100,000 by the end of 2024.
The cryptocurrency landscape witnessed buzzes after Mr Donald Trump was elected as the 47th President of the United States of America (USA) in the November 5, 2024, presidential poll.
Mr Trump, who will be going to the White House for the second time next January, is a fan of the digital currency market.
It is believed that his second term of four years as President of the US would keep the ecosystem busy.
Since his re-election, the price of Bitcoin and other tokens have been going up and for Mr Forster, the coin could sell for $150,000 by December 27, 2024.
“Trading patterns reveal a 34 per cent likelihood of BTC exceeding $100,000 by December 27, with possibilities of reaching $150,000 by this date sitting around 2 per cent, the founder of world-leading onchain options DeFi protocol, Derive, stated.
Speaking further, he said, “Options traders are betting on significant price swings, with a 68 per cent probability of movements ranging from a drop of 16.96 per cent ($75,228) to an increase of 20.42 per cent ($109,089).”
“There was strong optimism around traders, where 33 per cent of all BTC contracts traded were calls purchased (upside exposure) and 27.9 per cent were puts sold (belief BTC will not fall),” he added.
Mr Forster, however, noted that market projections are less optimistic for Ethereum (ETH), giving it a 15 per cent chance to exceed $4,000 or drop below $2,600 by December 27.
According to him, the expected price movements for ETH are also significant, with similar wide ranges anticipated – a 68 per cent chance of a move between -19.18 per cent ($2,510) and +23.73 per cent ($3,843).
Following the CFTC’s recent clearance for spot Bitcoin ETF options, coupled with anticipated approval from the OCC, November 17 saw a new record high in daily activity on Derive.xyz, highlighting the growing appeal of volatility trading.
“This regulatory progress unlocks cross-venue arbitrage opportunities between spot and ETF markets and intensifies hedging activities. An entirely new category of volatility traders is emerging, poised to reshape market dynamics.
“As institutional investors begin selling volatility, we expect to see cheaper options and increased leverage available for retail traders, potentially leading to occasional gamma squeezes. These dynamics mirror past stock market movements and could amplify price movements in Bitcoin,” he stated.
