Options traders are experiencing a surge in optimism as they anticipate a substantial increase in the price of Bitcoin (BTC) in the near future. André Dragosch, Bitwise’s European Head of Research, revealed that these traders are now focusing on expiration prices above $80,000 for options expiring in November. This trend is primarily driven by the upcoming US presidential election and the Federal Reserve meeting, both of which are expected to have a significant impact on the cryptocurrency market.
The potential outcome of the US election, particularly the increasing probability of Donald Trump winning, has a positive effect on Bitcoin and has contributed to its recent rise. As a result, traders are now even more optimistic and expect further increases in the price of the cryptocurrency.
These expectations are particularly heightened as the market prepares for two major events next month: the US presidential election on November 5 and the Federal Open Market Committee (FOMC) interest rate decision on November 8. The concentration of call options expiring on November 29, as observed in Deribit data, further supports this bullish sentiment. Over 3,100 call options with expiration prices ranging from $80,000 to $82,000 have been identified for the November month-end expiration on Deribit.
In addition, the Federal Reserve is expected to implement a 25 basis point cut at its meeting on November 8, which could potentially contribute to the positive outlook for Bitcoin.
It is important to note that this information should not be considered as investment advice. However, for those interested in investing in cryptocurrencies, Binance exchange offers the opportunity to invest in over 300 cryptocurrencies with a 20% commission discount.
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