It was another rough week in the cryptocurrency market with Bitcoin (BTC) dropping to prices last seen in May. Now nearly a month on from the face-melting rally that saw BTC surge above $10,000, the leading digital currency has fully retraced to the $7,000 range.
While the current price action suggests that Bitcoin is far from out of the woods in terms of its correction following its rally earlier this year, the true believers in the crypto industry remain unfazed.
On Friday, Charles Hoskinson, the creator of Cardano (ADA), tweeted out, “Remember everyone, after the FUD, news trading and manipulation clears out, we still have a global movement that’s going to change the world. We will see [$]10K BTC again and welcome [$]100K. Crypto is unstoppable. Crypto is the future.”
While Hoskinson clearly has a reason to be bullish, options traders have a more tepid opinion on Bitcoin’s chances of reclaiming the $10,000 level in the near-term.
According to Bitcoin options data from market research firm Skew, investor expectation of Bitcoin being above $10K by June 2020 currently sits at 21%. This percentage is based on price targets from Bitcoin option maturity dates. This same data has the likelihood of Bitcoin being above $10K by the New Year at only 6% following the latest downturn.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.