The bitcoin rate on some cryptocurrency exchanges has almost reached $14,000. The cryptocurrency did not trade at this level since the beginning of 2018.
Bitcoin was unable to keep the won positions and over the next hours fell in price, first to $13,800, and then to $13,500. Despite the rapid jump-like growth of bitcoin, traders in the options market are apprehensive about the prospects for further growth in the rate. According to analytics of Skew, the options market estimates the likelihood that bitcoin will be able to test the all-time high of $20,000 until the end of 2020 at 6%. It is curious that this summer, after the spring fall of bitcoin to $3,500 and its subsequent rapid recovery, investors estimated the probability of a new all-time high in this year at 8%.
Market participants call a level above $14,000 as the most likely scenario. This opinion is shared by 40% of the option market trader.
“The options market is seemingly not getting carried away with the recent strong price momentum,” Sui Chung, CEO of CF Benchmarks, said in a statement to CoinDesk. Chung added that, “if we extrapolate bitcoin’s price action and volatility of the past 90 days till December expiry, then bitcoin appears set to end the year between $14,000 to $15,000.”
Bitcoin retains its upside potential above $20,000 and reaching a new high, Amsterdam Stock Exchange analyst Michael van de Poppe suggested in a column on Cointelegraph.
“The majority of the investors definitely want to see a straight line toward $200,000, but that’s simply not happening. At best, Bitcoin is at the start of a new cycle, through which the boring sideways part will keep recurring. Once all levels are tested, parabolic movements can occur in price discovery.”The two-day chart shows an apparent resistance at the According to his estimates, the two-day chart shows an apparent resistance at the $13,500–$14,000 area and a clear support zone between $11,600–$12,200 ready to be tested in the coming period.