The likelihood of the bitcoin price surpassing its all-time high of $20,000 by the end of the year is a mere six percent. That’s according to data from Skew which tracks the BTC options market.
Bitcoin has found itself consolidating around the crucial inflection point of $10,000. And while most traders agree that BTC is now poised for a major break, time is running out to claim a new record high by the end of 2019.
Bitcoin options are a derivative product used by traders on platforms like LedgerX and Deribit. They allow traders to speculate on the future price of bitcoin. A bitcoin option gives the trader the right, but not an obligation, to buy bitcoin at a certain price, on a certain date in the future.
For example, a trader might buy a ‘call option’ to purchase bitcoin at $20,000 on 31st December 2019. That trade would imply a strong bullish sentiment.