Options traders bullish on Bitcoin, betting on $100,000 price target: Wintermute analysis and Runes driving optimism

Traders are placing big bets on Bitcoin hitting $100,000, with millions of dollars pouring into bullish options contracts. According to crypto market maker Wintermute, the optimism has been growing since February, with traders showing confidence in Bitcoin’s ability to maintain its value above $60,000.

Options data reveals that contracts expiring in December and March next year are predominantly bullish, with nearly $6.3 billion worth of Bitcoin set to expire on April 26, the majority of which are bullish bets. Additionally, traders have loaded up on $3.3 billion in bullish options expiring on June 28, with a target price of $75,000.

Bartosz Lipiński, CEO of Cube and former hedge fund manager, noted a significant increase in demand for Bitcoin despite macroeconomic concerns and a post-halving sell-off. He highlighted the buying activity during a recent dip in prices, indicating that bargain hunters are seizing the opportunity to purchase Bitcoin at lower levels.

One of the drivers of the expected rally is the launch of Runes, a Bitcoin token protocol that simplifies interactions with Bitcoin-native tokens like memecoins. Lipiński believes that the success of Runes could play a crucial role in pushing Bitcoin to new highs.

While Bitcoin and Ethereum have experienced slight declines in the last 24 hours, the overall sentiment remains bullish among traders. With the crypto market showing signs of resilience and optimism, the potential for Bitcoin to reach $100,000 seems increasingly likely.

For more insights on Bitcoin and options trading, contact DL News markets correspondent Tom Carreras at tcarreras@dlnews.com. Stay informed with our weekly newsletters for the latest updates on the crypto market.