Bitcoin (BTC) Price New ATH in 2020: Probability Revealed by Skew Crypto Analysts

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Tue, 05/19/2020 - 13:12
Vladislav Sopov

Bitcoin (BTC) options market processes are often used as an indicator of trends in digital assets. Skew analysts have now visualized trader sentiments

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Contents

Bitcoin (BTC) options market statistics have revealed which price is most likely for the flagship crypto asset by the end of the options expiration period.

One chance to eleven

Charts published by the Skew on-chain analytical group reveal the probability of the Bitcoin (BTC) price reaching crucial levels. Figures in the charts are based on the analysis of positions opened for Bitcoin (BTC) futures for May, June, September and December, 2020.

According to this chart, only 9% of positions are opened by traders who believe Bitcoin (BTC) may reach a new all-time high (ca $20,000) by the end of this turbulent year.

However, the price level of $10,000, which has proven to be crucial for bears in Q1-Q2, 2020, could be reached with a 30% probability by May, June, September or December.

Launched in 2018, Skew tracks the Bitcoin (BTC) and Ethereum (ETH) derivatives trading markets.

Long road to new highs

Many analysts specializing in spot crypto trading spheres also believe we shouldn't get too excited about the prospects of new Bitcoin (BTC) all-time highs.

For instance, Dutch trader and analyst Michael van de Poppe, recommends treating 2023 or 2024 as a 'more natural' target for a new ATH. 

Related
Bitcoin (BTC) Advice From Top Trader: Lower Your Expectations, No Peak in 2021

He also believes that this Bitcoin(BTC) price cycle could take longer than the previous one due to the eventual maturation of the cryptocurrency market.

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

However, as previously reported by U.Today, this metric by Skew was as low as 4% less than two months ago. So, the overall bullish market sentiment has significantly strengthened.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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