The chances that the price of %Bitcoin (CRYPTO: $BTC) will reach $100,000 U.S. by the end of this year are now less than 10%, according to trades being made in the options market.
With Bitcoin’s price currently at $68,000 U.S., the options market is placing a very low probability of the largest cryptocurrency hitting the $100,000 U.S. milestone in 2024.
The options market currently places the odds of Bitcoin reaching $100,000 U.S. by year’s end at 9.58%, according to data from Deribit Metrics.
Options are derivative contracts that give the purchaser the right but not the obligation to purchase or sell the underlying asset at a predetermined price on or before a specific date.
Many crypto bulls continue to hold out hope that Bitcoin will rally to $100,000 U.S.
However, since peaking at an all-time high of just under $74,000 U.S. in March of this year, the largest %Cryptocurrency by market capitalization has traded lower or sideways.
The price of Bitcoin has struggled ever since the cryptocurrency underwent a halving event in April of this year that reduced the available supply of BTC by 50%.
Some analysts and options traders are now saying that it would be more realistic for Bitcoin to end the year around $80,000 U.S. should a rally in the crypto be reignited in coming weeks.
One potential catalyst for Bitcoin could be the U.S. election onNov. 5. A presidential win by Donald Trump, who is supportive of crypto, would be seen as a bullish indicator for Bitcoin.
The options market currently suggest a possible 22% price swing in either direction for Bitcoin by the end of December.
At $68,000 U.S., Bitcoin’s price has risen 54% so far in 2024, outpacing equities.