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Upbeat bitcoin options market points to $40,000 being the bottom

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The skew reveals an increase for call options may be bullish for the cryptocurrency’s price

Investors searching for clues about where bitcoin is headed next may want to take a look at what the options market is signalling.

The skew, or difference in implied volatility of bullish and bearish bets, has recently dropped from double-digits to near zero, and revealed a decrease in investor demand for put options and an increase for call options, Genesis data show.A bottom at $40,000 is a view echoed by many analysts in the famously optimistic world of crypto.

The $40,000 level “has been the key pivot point”, said Bloomberg Intelligence’s Mike McGlone. Up next, $50,000 comes into play before bitcoin resumes its upward trend towards his forecast of $100,000, he said.

 

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