Bloomberg: Options Traders Turn Bullish on Bitcoin Again, Targeting $100,000 by End of January

According to a Bloomberg report, the Bitcoin options market indicates that traders are once again setting their sights on the $100,000 price level. As market optimism grows, investors are expected to shift their focus back to crypto assets following the sharp decline in the crypto market during the fourth quarter.

Data from Deribit, the derivatives trading platform owned by Coinbase Global Inc., shows that open interest in the Bitcoin options market is most concentrated in contracts expiring on January 30 with a strike price of $100,000. The total notional value of these contracts is more than double that of the second most popular option contract, which is a put option with an $80,000 strike price expiring on the same day.

Jake Ostrovskis, Head of OTC Trading at Wintermute, stated: "The size isn't massive, but the direction is consistent—this is building on the large open interest at the $100,000 strike that emerged last week. Looking at the current curve, there's still some put skew, but it has softened significantly. So I think the market no longer seems to be pricing in the worst-case downside, and things are stabilizing a bit."

Satraj Bambra, CEO of the hybrid trading platform Rails, believes: "A retest of the $100,000 to $106,000 range is not impossible; it's quite common in bearish structures. For Bitcoin to turn bullish, it would need to reclaim and hold above $106,000 on a weekly basis to attempt another run at the all-time high."