Traders on Deribit are placing large bets on Bitcoin reaching $120,000 by the end of 2024. The open interest at this strike price exceeds $640 million, indicating a strong speculative optimism among traders.
This cautious sentiment reflects the market's skepticism towards the cryptocurrency's potential for such a significant price increase. Delta analysis suggests that traders assign a low probability, only 10%, to Bitcoin achieving this ambitious target.
However, despite the skepticism, the open interest at the $120,000 strike price shows that there is still a significant number of traders who are optimistic about Bitcoin's future. This indicates a divergence of opinions within the market.