Bitcoin's sudden surge to a new all-time high last weekend prompted options traders to increase their bets that the largest cryptocurrency will reach $140,000. Deutsche Bank says the more bitcoin appreciates, the more it becomes like gold, a traditional protective asset.

Details

The market of short-term call and put options on bitcoin with execution at the end of 2025 shows a high interest of traders to bet on the growth of the cryptocurrency: a significant number of open call options concentrated near the level of $140 thousand, Bloomberg writes with reference to data from the cryptocurrency exchange Deribit. There is also a moderate increase in demand for put options - traders are insuring against a possible correction after the rally.

According to Deribit Commercial Director Jean-David Pequignot, one should now watch out for spikes in volatility and any changes in put options trading volume - this could be a signal of a short-term correction. "Bulls" are targeting bitcoin at $130,000 and above, while "bears" may find entry points if the market is vulnerable to a pullback after a sharp rise in prices, Péquignot added.

What the analysts are saying

October - which crypto traders often refer to as Uptober - is traditionally the best month for bitcoin. Over the past decade, the token has appreciated in October by an average of 22.5 percent, according to data compiled by Bloomberg. "If macroeconomic news and data is favorable, we could see continued growth through the end of the year," said Kaiko analyst Adam McCarthy.

By the next halving, that is, the reduction in the reward for mining, which is expected to occur in 2028, the aggregate value of bitcoins could reach 50% of the market capitalization of gold, which at the current value of the precious metal of about $4 thousand per troy ounce corresponds to a price of $644 thousand per bitcoin, Matthew Siegel, head of digital asset research at VanEck, said on social network X. "About half of gold's value is driven not by industrial or jewelry demand, but by use as a savings vehicle. That said, surveys show that young consumers in emerging markets increasingly prefer bitcoin for this role," Siegel wrote.

Context

On October 5, bitcoin for the first time rose above $125 thousand, renewing the historical maximum reached in mid-August. The appreciation is taking place against the backdrop of a record rally of the traditional protective asset - gold, as the weakening of the dollar amid trade uncertainty and economic concerns encourages investors to diversify their portfolios, notes Reuters.

According to the forecast of Deutsche Bank, by 2030 bitcoin will appear on the balance sheets of most central banks along with gold. As the largest cryptocurrency strengthens, its relative volatility decreases, Deutsche Bank analysts note - this factor makes bitcoin more and more similar to gold: an asset with limited supply and low correlation with other markets.

This article was AI-translated and verified by a human editor

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