The coronavirus crisis might be the perfect storm for Bitcoin (BTC), but options traders believe that it will fail to make a ripple.
The price of the flagship cryptocurrency has a tiny four percent chance of surpassing its current all-time high of $20,000 by Dec. 25, according to cryptocurrency derivatives data provider Skew.
No post-halving rally
Options allow traders to buy or sell an asset at a certain date in the future. Hence, this market can give a hint about Bitcoin's price action throughout the year.
Bitcoin's third halving is expected to happen on May 13, which is why many bulls expect the BTC price to skyrocket in 2020. However, an overwhelming majority of options traders think that BTC is going to trade below $10,000 in December, meaning that the leading cryptocurrency is not every likely to reach a new yearly high.
The halving might be 'overrated'
Bitcoin's mining reward cuts have been historically connected to its massive rallies. However, there is also plenty of skeptics who think that another bull run is not going to happen this time.
As reported by U.Today, trading veteran Peter Brandt called the halving 'grossly overrated' since it results only in a 'chump change' of Bitcoin's supply.
Subscribe to U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!