A long shot options trade is wagering on bitcoin to hit $300,000 by the end of June
A far-flung options trade is eyeing possibility that bitcoin reached $300,000 by June 27th, implying a 181% upside from where the token was trading late Tuesday.
According to data from the crypto derivatives exchange Deribit, trading active in call options at that strike price was the second most popular activity on Tuesday.
While bitcoin has no shortage of bulls, a move to that level would be an astounding jump and would surpass the most bullish near-term forecasts. Standard Chartered is the closest match, predicting bitcoin to reach $120,000 in the second quarter and end the year at $200,000.
On Tuesday, the token was edging back toward record highs, trading close to $107,000. It hit an all-time high of $109,241.11 on January 20.
Options traders may be encouraged by recent momentum in the price of the token, which soared back to the six-digit mark earlier this month after a volatile stretch at the beginning of the year.
For the most part, bitcoin has benefited from growing risk appetite as markets have recovered from April's tariff-driven volatility. The world's biggest crypto has also been boosted by economic tailwinds, corporate interest, and pro-crypto policy from lawmakers.
But the path ahead isn't clear, and lingering uncertainties are still weighing on the market, analysts have said.
"The market needs a catalyst for prices to go parabolic, and while there are many potential catalysts on the horizon, uncertainty still reigns supreme," The Coin Bureau founder Nic Puckrin wrote on Tuesday.
Ahead of the $300,000 wager, open interest shows options traders have placed higher conviction bets that bitcoin will touch $110,000 on June 27.
Bettors on Polymarket — a betting market that gained notoriety for correctly predicting the US election — are much less bullish this year. Betting odds for bitcoin to reach $250,000 this year are just 9%.
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