Battered Bitcoin traders pile into bets price will reach $120,000 in March

Traders heap into bullish bets that Bitcoin volition deed $120,000 astatine the extremity of March.

That’s according to options data from Deribit, which shows that much than two-thirds of traders are betting that Bitcoin volition commercialized supra $120,000 by March 28.

Bitcoin is trading astatine $83,000 and has crashed 12% successful February.

A akin inclination is seen connected Derive, wherever analysts are seeing “strong request for high-leverage calls” contempt the marketplace turmoil, said Sean Dawson, caput of probe astatine the options trading protocol.

“This indicates that traders are seeking upside vulnerability successful the aftermath of the ample terms fluctuations,” Dawson wrote successful a Tuesday blog.

The quality comes arsenic a operation of scandals, hacks, tariffs, and geopolitical uncertainty has pushed Bitcoin to its lowest level since November.

$9.7 billion

March is acceptable to beryllium the biggest options expiry of the year and the second-biggest of each time, with $9.7 cardinal successful notional Bitcoin worth acceptable to expire.

Data from basedmoney.io shows a alleged max symptom terms of $85,000 for Bitcoin options expiring connected March 28, referring to however debased the terms tin spell earlier the bulk of traders fundamentally suffer their bets.

Analysts accidental that Bitcoin’s terms volition recover. For instance, some Bernstein and Standard Chartered inactive spot Bitcoin deed $200,000 implicit the adjacent twelvemonth oregon so.

But things mightiness get worse earlier they get better.

On Monday, Arthur Hayes, Maelstrom’s main concern officer, said helium expects Bitcoin to autumn arsenic debased arsenic $70,000 earlier it bounces back, arsenic US President Donald Trump’s policies volition apt devalue the dollar.

Once Bitcoin bounces back, it could scope $1 cardinal earlier the extremity of Trump’s presidency, Hayes said.

Osato Avan-Nomayo is our Nigeria-based DeFi correspondent. He covers DeFi and tech. Got a tip? delight interaction him astatine [email protected].