Crypto trader Ben Armstrong says that the price of Bitcoin (BTC) will soon break out to the six-digit zone.
The host of BitBoy Crypto tells his 733,000 YouTube subscribers that he’s tracking derivatives traders, who are now reportedly betting on $100,000 and $300,000 Bitcoin call options, with 6,700 contracts worth $385 million to date.
“Think about this guys, the $100,000 call options [are] currently trading at 0.164 BTC, equivalent to about $9,500. They’re paying $9,500 to take that option.
That’s a giant premium. If you’re going to bet on that, you have a lot of confidence the price is going to be rising.”
Armstrong says another bear market will come, but BTC has a long way to go first.
“I am very confident. I’m very confident that Bitcoin’s going to hit $300,000 this year, very confident. Some people will say it’s got to take longer than that. No, it’s this year.
We’ll be at a bear market by next year. Seeing the $300,000 call option here, it doesn’t surprise me. I think a lot of people are betting on this.”
Armstrong has previously said that Bitcoin will hit $322,000 in 2021. He says that his prediction still stands.
“You can bet your bottom dollar this thing is going over $300,000. I’m telling you $300,000. I don’t think it will go over $400,000. I think our $322,000 prediction for this year is going to end up being pretty accurate.”
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