Bitcoin (BTC) Price Hits New All-Time Highs, BTC Bull (BTCBULL) Meme Coin Captures the Bullish Sentiment

The Bitcoin price hit a new all-time high on Thursday, trading as high as $112,000. The largest cryptocurrency has now appreciated by more than 50%

The Bitcoin price hit a new all-time high of $112,000 on Thursday, as the largest cryptocurrency continued its rapid recovery from April’s lows.

BTC has appreciated by more than 50% since bottoming out at $70,000 on April 7th, and there is still a strong consensus among experts that it has substantial upside in the short term.

While most BTC price predictions from experts are converging on the $150k level by the second quarter, option traders appear to be significantly more bullish.

According to CoinGlass data, Deribit’s far out-of-the-money Bitcoin call option with a $300,000 strike price expiring on June 27th currently holds the highest open interest across all BTC options contracts.

Despite the long shot, the Bitcoin price rising to $300k or more by June 27th is currently the most heavily backed bet in the options market.

Why Are Options Traders Betting on $300k BTC Price?

Deribit’s BTC-27JUN25-300000-C is currently the largest single position in the BTC options market, with 5,593.6 BTC in open interest.

Deribit’s BTC-27JUN25-120000-C — call option with a strike price of $120k and expiration date of June 27th — comes in at a distant second, with 5,048 BTC in open interest.

For the uninitiated, call options are contracts that give traders the right — but not the obligation — to buy Bitcoin at a fixed price (called the strike price) by a specific future date. Traders typically use them to bet that BTC’s price will rise; if the market price exceeds the strike price, the option can be exercised for a profit.

The Bitcoin price exceeding $300k by June 27th is nearly impossible, even with the soaring global liquidity and easing financial conditions.

It is likely that traders are using the $300K Bitcoin call options as cheap lottery tickets. Given the low probability of BTC reaching $300K, the premium on these contracts is currently very low. However, if Bitcoin were to surge rapidly to around $125K–$130K by the end of May, the value of these options could spike, allowing holders to sell them for a significant profit, even if the strike remains far out of the money.

Nevertheless, even this scenario paints an extremely bullish picture for the largest cryptocurrency in the coming weeks.

Realistic Bitcoin Price Prediction: What to Expect by the End of Q2

Ignoring the June 27th expiration date, Bitcoin call options with a $120k strike price currently have the highest open interest.

This indicates that smart money investors are, in fact, betting heavily that the Bitcoin price will far exceed $120k in the coming weeks.

However, global liquidity remains the best indicator of BTC’s price trajectory. For instance, GMI co-founder Raoul Pal’s Global M2 money supply accurately predicted the April 7th bottom for Bitcoin.

Now, it is forecasting that the Bitcoin price will reach near the $160k mark in the coming modules, potentially in Q2 itself.

Maybe, just maybe it was this easy… I'll chat more about it on tonights' Drinks with Raoul at 6pm ET pic.twitter.com/c6HuQucFWt

— Raul Pal (@raulpal) May 11, 2024

Considering its bullish prospects, it is imperative that sidelined investors gain exposure to Bitcoin.

However, smart money investors are also betting on BTC-themed altcoins, considering they act as excellent beta bets on Bitcoin.

For instance, Stacks (STX) and Dog (Bitcoin) are both showing strong correlation with BTC, making them excellent investments for the Q2 bull run. Pepe (PEPE) is another meme coin that smart money investors are viewing as leveraged BTC.

Among the low caps, a new meme coin, BTC Bull (BTCBULL), has quickly become a fan favourite, owing to its method of earning free Bitcoin.

BTCBULL holders are eligible for free BTC airdrops when the Bitcoin price hits $150k and every subsequent $50k increase since. The airdrop size will depend on the amount and duration of BTCBULL holding.

Additionally, holders will benefit from token burn events at $125k and every subsequent $25k increase. 5% of the token supply will be burnt at each event, which could result in a significant spike in the token price.

Moreover, there is a “massive” BTCBULL airdrop when the Bitcoin price hits $250k, which could happen by