Amidst the volatility and struggles of Bitcoin over the past few weeks, a small group of crypto traders is making unexpected bets that Bitcoin will have a six-figure price by December 31 this year. The odd wagers were particularly interesting considering the length of time involved.

Based on the data by Laevitas, changes were observed as the top crypto options exchange platform Deribit ensured 425 Bitcoin call option contracts with unexpected value. The call option contracts have a $200,000 strike price, expiring by the end of 2021.

The nature of the call option as a derivative contract allows the buyers the right but not the strict duty to purchase the core asset at a prearranged price before or during a particular date.

Therefore, in hindsight securing a call with a striking price of $200 K is putting confidence that the dominant cryptocurrency will go beyond that price by the end of the year.

Bitcoin plunges, but hopes are definitely up

The price of Bitcoin plunged significantly weeks ago. Although the cryptocurrency has since gone up and down again, many investors are not worried about its trend. Likewise, other cryptocurrencies available in the market also have a similar experience with that of Bitcoin.

Factors influencing the dip in Bitcoin are varied. Known cryptocurrency influencers have expressed several concerns about Bitcoin’s take on critical global issues such as carbon footprint.

For example, Elon Musk, CEO and founder of Tesla, announced that his company would no longer accept Bitcoin as payment for Tesla cars. The decision rested on the belief that Bitcoin’s computational mining process utilized significant energy and circumvented environmental sustainability.

Nonetheless, some crypto traders are still looking forward to a positive shift within the six-month window. 

Even with the “doom and gloom” situation in the Market involving Bitcoin prices, it is noteworthy that the cryptocurrency also reached its all-time high last April with an astounding price of $65,000.

Soaring expectations for Bitcoin end of the year results

The bearish atmosphere surrounding the cryptocurrency market created a sort of bias around the options.

Since the options have distant values from the spot market price, they became really cheap with a trading price of 0.018 BTC on Deribit. With this turn of events, the options are almost comparable to a lottery ticket.

Traders who put on these wagers will lose $698 per unit if the bearish conditions remain but will gain exponentially once the bullish atmosphere takes over the market. And for them, the potential losses are worth it, considering how much they could gain if the scale tips on the other side.

There is nothing much to do for now but wait and feel the market as developments about Bitcoin unfold on the positive and negative levels.