A growing number of professional cryptocurrency traders are betting that Bitcoin’s (BTC) price will reach $40,000 U.S. in the near-term.
The bullish bets come after a big run in Bitcoin over the past two weeks that saw the price of the largest cryptocurrency rise 35% from $26,000 U.S. to $35,000 U.S.
Bitcoin’s price has since pulled back to $34,000 U.S. However, professional traders are taking out a growing number of call options on Bitcoin, betting that the price will be at $40,000 U.S. by year’s end.
Bitcoin and other cryptocurrencies remain near their highest levels of the year right now, and traders are betting that digital coins and tokens will soon reach levels not seen since before the 2022 bear market took hold.
The current rally in Bitcoin is being driven by hopes that the U.S. Securities and Exchange Commission (SEC) will soon approve spot Bitcoin exchange-traded funds (ETFs), a major potential catalyst for the digital asset.
Investors have also been buying Bitcoin in recent weeks amid heightened geopolitical risks with war breaking out in the Middle East.
Analysts, as well as traders, are upbeat about the current momentum behind Bitcoin’s rally and see digital assets pushing higher in the coming weeks and months.
Bitcoin’s price is now up 105% in 2023.
