Bitcoin Price Soars to New Heights: Options Traders Eye $300k by June 27

Bitcoin recently hit a record $112,000, showing a 50% increase since early April, with predictions suggesting potential targets of $150,000 and more. Options traders are particularly bullish, as evidenced by significant open interest in a $300,000 strike price option on Deribit expiring June 27. Meanwhile, a new meme coin, BTC Bull, is gaining popularity due to its unique rewards model linked to Bitcoin’s price increases, raising over $6 million already.

The Bitcoin market is buzzing, following the leading cryptocurrency reaching an impressive all-time high of $112,000 last Thursday. This surge represents a staggering increase of more than 50% from the local low recorded on April 7. Analysts are optimistic about BTC’s potential for further gains, with many targeting $150,000 in the near term, indicating strong short-term prospects.

However, it’s the options markets where the sentiment appears particularly audacious. Data from CoinGlass reveals that a Bitcoin call option on Deribit, with a strike price of $300,000 and set to expire on June 27, enjoys the highest open interest among all BTC options. This sort of price prediction, while highly speculative, indicates there’s substantive backing from options traders, who seem bullish on Bitcoin’s ascent.

For context, the leading option on Deribit, known as BTC-27JUN25-300000-C, currently has an open interest of 5,593.6 BTC. In stark comparison, the second-largest option, BTC-27JUN25-120000-C, has 5,048 BTC positioned. Just a brief explanation for those unfamiliar: call options are contracts that give holders the right, without obligation, to buy Bitcoin at a predetermined price. Traders tend to leverage these options to speculate on future price increases; they profit when the market price surpasses that strike price.

That said, predicting Bitcoin will reach $300,000 by June 27 feels, to put it mildly, rather far-fetched. Many industry experts suggest traders may be treating these options as a sort of long-shot gamble. Given their low probability of success, the premium on these contracts sits at a minimal level. Still, if Bitcoin sees an unexpected rally to between $125,000–$130,000 by the end of May, the value of these options could rise sharply, potentially bringing profits to optimistic holders.

Focusing on more realistic projections, it seems the $120,000 strike price is attracting considerable attention as well. The significant open interest in these options suggests that many are betting on BTC soaring past that mark soon. In this context, global liquidity continues to be a critical factor in determining Bitcoin’s price trajectory. Notably, Raoul Pal, co-founder of GMI, has accurately forecasted price movements in the past and currently predicts that Bitcoin might approach the $160,000 threshold in the coming weeks, possibly within Q2.

Sidelined investors should take note of the positive outlook for Bitcoin. Alongside BTC, other crypto assets that are closely linked to Bitcoin are also gaining traction. Tokens like Stacks (STX) and Bitcoin Dog (DOG) appear to demonstrate strong correlations with Bitcoin, making them appealing bets for those looking to capitalise on a potential Q2 rally. Meanwhile, meme coins like Pepe (PEPE) are emerging as leveraged bets on Bitcoin’s performance.

Another interesting development in the meme coin arena is BTC Bull (BTCBULL). This relatively new coin is generating a buzz due to its unique model allowing holders to earn free Bitcoin via airdrops once the price hits key thresholds, starting at $150,000. Airdrop amounts will depend on how much BTCBULL one holds. Furthermore, significant token burn events are scheduled to occur at certain price points, which may further drive demand and enhance the token’s value.

Significantly, there’s a massive airdrop promised when Bitcoin reaches $250,000, potentially happening by early 2026. Thanks to this intriguing model, BTC Bull’s ICO has reportedly raised over $6 million in just a short time. Enthusiasm is palpable, with many predicting its potential for a massive return on investment.

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