The fortunes of Bitcoin continue to lead several debates amongst many within and outside the cryptocurrency space, as everyone continues to share their opinion about the digital asset. Critics of the cryptocurrency have always moved towards pessimistic predictions of the digital asset’s future, with many believing the asset is in a bubble mode and will likely cease to exist in the future. Alternatively, the digital asset’s admirers believe that it will become one of the most important assets in the future. However, In a new report from crypto data analysts – Skew they have disagreed with the projections of options traders who believe Bitcoin will trade at $80,000 by the beginning of May 2021.
Skew disagrees with investors
The uprising of different activities surrounding Bitcoin has led to many analysts dreaming of positive fortunes around the digital asset. However, options traders are not taking their predictions lightly, as they believe that these activities will push the cryptocurrency closer to its end of the year projection of $100K. One of these activities projected to skyrocket Bitcoin’s price is the public listing of Coinbase, set to launch before the end of the 2nd quarter.
According to Skew, more than $6 billion have been invested in a pool, where investors 80% of investors predicted that Bitcoin would hit the $80K on or before May 1st, 2021. Alternatively, in the investor’s pool, more than 20% believe that the time frame is enough for the leading cryptocurrency to hit the $100K mark, predicted by many analysts to be attained by December 2021. However, Skew analytics believe that those predictions are flawed by mere emotional points, as the reality of Bitcoin suggests that the digital asset will not attain such heights at the said period.
Why is that so?
Bitcoin has continued to flock around the $60K mark, a position it has attained in the last two months. The digital asset ATH is currently $61,700, and the cryptocurrency has been unable to either attain such height or even cross it since it hit the mark weeks ago. However, it is understandable why the analysts at Skew believe that Options stakes are on the verge of a loss. The position of Bitcoin does not imply that the digital asset is currently struggling, but the reality is that the cryptocurrency will unlikely receive a 50% boost in the next 40 days.
However, all hope is not lost, as Bitcoin is always known to enter a bull run at the least expected time. However, the analysts at Skew believe that with current standings, the cryptocurrency will unlikely fail to hit such a mark, as buying at the dip continues to be prevalent around the digital asset. However, Bitcoin admirers and many analysts are still optimistic about the cryptocurrency hitting $100k at the end of the year. Unfortunately, the hopes of $80k by May 1st are currently slim.