yolowire.com - Options data shows that investors and traders are cooling on Bitcoin (CRYPTO: BTC) after its record run since the U.S. presidential election in early November.
The latest data from options markets shows that traders aren't chasing Bitcoin as aggressively as in recent weeks, with many now taking profits in the largest cryptocurrency by market cap.
Earlier this week, Bitcoin’s price topped $107,000 U.S., taking its cumulative post-election gain to over 50% since Nov. 5.
However, Bitcoin has fallen over the past five days and is now at $94,400 U.S. Other major cryptos are also in retreat.
Analysts are blaming the current decline on profit taking and a more cautious approach after Bitcoin breached the $100,000 U.S. level and hit an all-time high.
Most analysts say they expect the winning streak for crypto to continue in 2025, with price targets ranging between $150,000 U.S. and $200,000 U.S.
Current options contracts show traders expect Bitcoin to trade in a range between $100,000 U.S. and $108,000 U.S. heading into January.
The most bullish options call sees Bitcoin above $110,000 U.S. early in the New Year, while the most bearish outlook sees the price below $90,000 U.S.
Bitcoin’s price has risen more than 110% in 2024.