The year 2020 is off to a good start when it comes to Bitcoin’s price performance. The coin has grown by 12.5% over the course of the last two weeks, and many believe that this is only a start. According to experts, the options markets are showing available call options for a $12k strike price in June 2020, only one month after Bitcoin goes through block reward halving process.
Bitcoin price spent this weekend just above the $8,000 mark, and multiple technical indicators are showing that another bullish period may be coming. It is also worth noting that the coin has been acting as a safe haven in recent weeks, as the geopolitical and economic tensions continued to rise between the US and Iran.
In addition to that, the coin’s third block reward halving is approaching, and the hash rate has been hitting major highs. In other words, BTC has been dropping a lot of hints that another bullish period is approaching.
More platforms opting to offer Bitcoin options trading
After the platform enabled options trading, it noted a $1 million-large volume within only 2 hours and over 2,000 contracts 12 hours later. During this time, there were numerous 12k calls, meaning that the contracts that could only be profitable if BTC exceeds $12k by June 25th.
If the price ends up being below $12,430, the bets would be lost, and the contracts would be worthless. This indicates strong, bullish expectations by those who are willing to take the bet and who predict that the asset would jump within a month after the halving takes place.
Also, apart from FTX, Bitcoin options contracts were also introduced by CME Group, further developing the trend.