Bitcoin (BTC) Price Has Very Low Chance of Hitting New All-Time High This Year

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Sun, 03/29/2020 - 18:25
Alex Dovbnya
The Bitcoin (BTC) price has an infinitesimal chance of reaching a new all-time high, according to options market data
Cover image via U.Today
Contents

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.

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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. 

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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.   

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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