Timothy Peterson has forecasted that Bitcoin has a 50% chance at surpassing $30k in 2021
Bitcoin has just set an all-time high of $23,800 – Binance rate
The daily BTC/USDT still hints of bullishness and Bitcoin could keep moving higher
Deribit has introduced a Bitcoin options contract expiring September 2021 with a $100k strike price
Such an options contract might be testing the limits of probabilities
Veteran Bitcoin and Crypto analyst, Timothy Peterson, has given BTC a 50% chance at breaking and surpassing $30,000 next year. Mr. Peterson made the comments via Twitter and also pointed out that such a value puts Bitcoin’s expected return at 21%. Below is his tweet in which he shares his analysis of Bitcoin.
Bitcoin Sets a New All-Time High of $23,800, Aims Higher
Mr. Peterson’s comments were made earlier today and before Bitcoin set a new all-time high value of $23,800 -Binance rate. At the time of writing, Bitcoin is trading at $23,584 and looks set to attempt breaking this recently set all-time high in the hours or days to follow.
A quick glance at the daily BTC/USDT chart below reveals that Bitcoin is still bullish and could have enough ‘juice’ for another push higher.
From the daily Bitcoin chart above, the following can also be observed.
The MACD has just crossed in a bullish manner above the baseline
Trade volume is once again very much in the green
The daily MFI is yet to be exhausted at a value of 59, hinting that Bitcoin could keep moving up
However, the daily RSI is high at 77. This is the same level it was when Bitcoin pushed from $12k to $19k in late October through November
Comparing the current RSI level to that of late October, it can be concluded that Bitcoin has a chance at sustaining this rally further and before the year is over.
Deribit Introduces $100k Strike For BTC Options that Expire Sept 2021
It is therefore not surprising that the crypto exchange of Deribit has introduced a Bitcoin options contract with a $100k strike price which will expire September 24th, 2021. The exchange shared their new investment product via the following tweet.
We've introduced the $100K strike for the BTC-24SEP21 expiry. 🚀#Bitcoin
However, Bitcoin pushing as high as $100k by next September might be pushing the limits of probabilities as explained by Timothy Peterson in the following statement in response to Deribit’s launch of the options contract.
A lottery ticket for suckers, no rational investor would take this bet. The expected return on this option is effectively 0 and probability of failure exceedingly high. The expected return on buy and hold #bitcoin is > 0 and probability of failure almost zero.