The opportunity for Bitcoin prices to reach an all-time high this year is "very low".

Bitcoin price analysis on May 31, 2019

The coronavirus crisis may be a whirlwind entirely for Bitcoin (BTC), but options traders believe it will fail to create a wave.

According to cryptocurrency derivative data provider Skew, the price of the king's coin is less than 4% of the chance to surpass the all-time high (ATH) of $ 20,000 - which was set on December 25. 2019.

There were no protests after Halving

Options allow traders to buy or sell an asset on a specific date in the future. Therefore, this market can give suggestions about Bitcoin's price action throughout the year.

The third halving of Bitcoin is expected to occur on May 13, which is why many expect BTC prices to soar in 2020. However, the majority of options traders claim that Bitcoin will trade under $ 10,000 in December, meaning the world's No. 1 cryptocurrency will most likely not reach its all-time high this year.

Halving is being "overestimated".

Halving Bitcoin - the event that saw block rewards halved, from 12.5 BTC to 6.25 BTC per block, has historically recorded massive price protests. However, there are still many skeptics that this time will be an exception.

As Toiyeubitcoin previously reported, veteran trader Peter Brandt stated that havling is being "overestimated" because it only leads to a "negligible change" in Bitcoin's supply.

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According to U.Today
Translated by ToiYeuBitcoin


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