Bitcoin’s value has been trying to surpass the $20,500 mark for the past 35 days with limited success. The latest failed attempt was October 6, but bears (people who believe the stock price will go down) have stood their ground on four different instances since BTC was valued under $18,500 during that period.
This week’s $510 million options expiry is especially important for bears because they need to keep the momentum going. But investors are uncertain of BTC’s real bottom value since the support level goes down every time it is tested.
Bears and Bulls Place Bitcoin Bets
Previously, bears were overly confident. They placed bets that Bitcoin would be at $17,500 instead of its $19,000 figure on October 13. With Bitcoin standing at about $19,000 at the time of writing, most bearish bets will most likely be fruitless.
Bulls (people who believe the stock price will go up), however, operate on the other side of the spectrum. They are betting anywhere between $18,000 and $22,000 for the options contracts on October 21.
Still, this quick summation does not cover the full complexity of investment strategies.
Potential Bitcoin Dips May Be Coming
If the Bitcoin price drops below $19,000 bears stand to make an $80 million gain. If the bulls manage to raise the price above $21,000, they might see a $150 million profit.
It would be easier to drive the prices down since Bitcoin bulls had $80 million liquidated earlier this month. Therefore, there are higher odds that BTC will fall below $19,000 than the contrary.