Bitcoin Reaches Rp1.15 Trillion in May, According to Some Options Traders

The majority of options traders in America, stated that Bitcoin could reach Rp 1.15 Trillion around May 2021.

Data from the analytics firm, Skew, states that there is a 6% chance that they will be correct in its predictions.

Trader Options Predicts Bitcoin Rp1.15 Trillion

In anticipation of Coinbase's rise on the American stock market, options traders expect Bitcoin to rise.

On March 24, 202 the founder of crypto analytics company Glassnode stated that the majority of options traders in Deribit, stated that Bitcoin will reach Rp1.15 Trillion

They predict that the price will be achieved by Bitcoin on April 30, 2021, although there is no concrete evidence or confirmation whatsoever.

However, all judging from the market sentiment data where there are options contracts worth 4,000 Bitcoins have been purchased with a target at that price.

If in April 2021 Bitcoin does not touch that price, the majority of those contracts will expire at a loss.

However, according to Skew, the probability that they are true is around 6.19%, which seems to be still very small, although it is still possible.

In addition, there is also some supporting evidence that the predictions of the majority of traders can be achieved.

Some Data Supports Predictions
One of the things that supports is the volume around derivative contracts that have a target of Rp1.73 Trillion for Bitcoin.

That means that if they are right, it is possible that Bitcoin could rise to that price in April 2021.

However, according to Skew, the probability of such predictions being correct is only 2.15% which indicates the probability is still very small.

However, the volume of parties predicting that Bitcoin will fall also looks significant.

So there is still the possibility that price predictions around Rp1 Trillion are difficult to achieve.

Skew pointed out that the Bitcoin options contract expired April 30, 2021 is the third largest contract in volume on the Bitcoin derivatives market.

Currently, the opening volume of the contract has reached a value equivalent to 38,700 BTC, indicating the large volume of Bitcoin.

The contract with expiration June 21, 2021 for Bitcoin ranked second with an opening volume equivalent to 42,300 Bitcoins.

Despite competition from the Chicago Mercantile Exchange (CMEE) into the Bitcoin derivatives contract sector in 2020, Deribit still dominates in volume.

Thus, the research data obtained by Skew shows unbiased data and can be used as a reference.

Skew predicts that 91% of options contracts traded in the last 24 hours, occurring on Deribit.

The figure was followed Bit.com by 5%, OKEx with 2% and CME and LedgerX by 1%.

Today, there is an options contract worth 117,900 BTC that will expire with a value of around Rp85.6 Trillion.
So there is a possibility of volatility in trading on the Bitcoin market today.