PANews reported on November 27 that according to Cointelegraph, on-chain data showed that nearly half of Bitcoin options traders bet that the price will break six figures by the end of 2024. Although the price has recently pulled back to $90,000, some traders are still aiming for a high of $150,000. Nick Forster, founder of the on-chain options DeFi options protocol, said in a market report on November 26: "Interestingly, the probability of Bitcoin breaking through $100,000 has increased from 34% last week to 45%, while a new probability of breaking through $150,000 has also emerged, which is 4%."
Forster further explained that the huge demand for Bitcoin options, especially call options, "shows that the market has a strong demand for both upside potential and downside protection." According to Derive data, 41.3% of traded contracts are call options, while 38.3% are put options, betting that Bitcoin will fall and "there are very few sellers." The data also shows that by the end of 2024, Bitcoin has a 68% chance of recovering to $81,493 or rising to $115,579. At the same time, there is only a 5% chance that Bitcoin will fall below $70,000 to $68,429 or rise to $137,645.
