Crypto derivatives exchange Deribit has added a transaction price of $ 300,000 to Bitcoin option transactions with the deadline of December 2021.
This move is drastically upward for Bitcoin, as traders entering this position believe the price of the cryptocurrency will exceed $ 300,000 by the end of the year.
The market-leading cryptocurrency has risen significantly over the past few months, reaching an all-time high of $ 41,500 earlier this week.
In fact, data from Crypto Watch shows that Bitcoin’s bull run has continued to accelerate over the past few weeks, taking just 2 days to reach $ 40,000 from $ 35,000.
According to one trade, the upper trend line on Bitcoin’s charts has been broken and therefore the price trend will continue to accelerate at a higher rate leading to parabola since October. His analysis reveals that prices of $ 60,000, $ 80,000 and $ 100,000 are likely this month.
It's important to understand that the upper trendline has been broken, which means the trend since Oct will accelerate faster and higher into a crazy parabola.
— LotteryWinner BTC (@Lo77eryWinner) January 7, 2021
Big companies are left behind
Driven by this accelerated price rally, the cryptocurrency’s market cap has also risen to outpace major companies such as Berkshire Hathaway and Visa.
While this vertical move in price has astounded many who believe a correction is imminent, some are not too surprised by the developments in the market.
According to investor Preston Pysh, after a quantitative tightening (halving) event, the current price movement looks ‘quite normal’.
“I’m not sure why everyone thinks the rise is so surprising. This is what an algorithmically programmed, non-manipulated, decentralized monetary policy does. Welcome to the 21st century. “