Respected Crypto Analyst Believes Bitcoin (BTC) Price Will Not Witness a Major Rally This Year
According to ex-JP Morgan Chase derivatives trader/ founder of crypto data firm ‘Skew’, Emmanuel Goh, it is quite unlikely that Bitcoin (BTC) will scale back to its former five digit highs by the end of this year.
As many of our readers are probably well aware of, 2018 saw the crypto market at large being gripped by insane bearish conditions which forced many altcoin projects to collapse almost overnight. Not only that, last November we saw many major currencies slide by double-digit percentages— with Bitcoin dropping below the $5,600 mark for the first time in over 15 months.
Over the recent past, options trading has been garnering a lot of traction within the cryptocurrency sector — mainly because of its lucrative financial setup.
For those not in the know how, options trading is a method via which traders can bet on whether the price of an asset will scale up to a projected level or not.
In this regard, Goh is of the opinion that as we move into the future, the crypto options market will continue to flourish— a BTC price prediction which is backed by the fact that the aforementioned finance sector has already doubled in value since the start of 2019.
Goh also added:
“We have a $10k September expiry, which is currently priced with a 5 delta.”
What the above statement basically means is that a majority of traders believe that there is only a five percent chance that Bitcoin will scale up to a price point of $10,000 by September.
Lastly, Goh mentioned that there currently exists a $20,000 BTC call option for June, however, the probability of the flagship cryptocoin reaching that value is ‘zero’.
In closing out this piece, it should be noted that even though the ongoing crypto winter has persisted for soo long, a number of experts and traders are still quite hopeful that the coming few months will see Bitcoin rise in value once again.
For example, BitMex CEO Arthur Hayes, recently stated in an interview that he was quite sure that Bitcoin would return to a respectable sum of $10,000 this end of this year. Similarly, last year venture capitalist Tim Draper went on record to say that Bitcoin will touch a mammoth price point of $250,000 by 2022.