Bitcoin Options Market Data Shows Mere 9% Chance BTC Reaches $20K in 2020

The Bitcoin (BTC) options market, which is mostly dominated by Deribit and CME, gives a 9% chance for BTC to rise to it’s all-time high at $20,000 by the end of 2020.

Given the tendency of Bitcoin to see a prolonged rally six to eight months after a halving is activated, traders in the options market are relatively cautious about the medium-term trend of BTC.

Data shows the BTC options market is tilted towards bulls

In the near-term, many traders on both Deribit and CME are seemingly optimistic on the price trend of BTC.

According to data from ecoinometrics, the CME Bitcoin options exchange recorded 22 calls for every 1 put. In simple terms, for every 22 people that bought BTC, one person sold.

Bitcoin Calls Versus Puts on the CME options exchange. Source: ecoinometrics

The basis of the optimism towards the short-term price action of Bitcoin by options traders is likely the consecutive tests of the $10,000 resistance level.

When a crucial level gets tested three to four times, whether it…