Bitcoin Traders Are Expecting More Upside, Shows Option/Derivatives Flows
Even after Bitcoin’s recent rally, not all market participants are convinced that a bull market is here. Peter Schiff, the chief executive of Euro Pacific Capital and a prominent gold bull, wrote earlier this week:
According to an analysis by a prop trader with a focus on cryptocurrency, buyers of options, though, are extremely bullish on Bitcoin and Ethereum.
Options are financial contracts that allow the buyer to purchase or sell an asset at a specific price at a specific time.
The trader wrote on options money flows, explaining the significance of how puts are “relentlessly sold among basically all maturities”:
Prominent Market Commentators Agree
Per Julien’s analysis of BTC derivatives, a majority of traders seem to be bullish. Fortunately, prominent market commentators agree.
Dan Morehead and Joey Krug — who head the leading crypto fund Pantera Capital — wrote the following comment in March. They believe that the increased money printing by central banks will potentially boost Bitcoin past $20,000 by the end of 2020 or in early 2021:
This optimism has been echoed by other market commentators such as Mike McGlone, senior commodity analyst at Bloomberg Intelligence. He claimed that from a charting, on-chain, and fundamental standpoint, BTC is poised to move higher.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Derivatives Data: Investors Think Bitcoin Will Continue Higher After 20% Surge
Originally from Bitcoinist.com https://ift.tt/2D018S1
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