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