• Lyra’s decentralized bitcoin option marketplace indicates a 20% chance that prices will rise above $70,000 before the end of April.
  • Lyra has recently listed options that expire on April 26, allowing traders the opportunity to speculate about price trends before and after bitcoin’s reward halves due in mid-April.

BTC Price Index and Live Chart – CoinDesk”>(BTC) crossing $70,000 by the end of April, according to options data from decentralized marketplace Lyra Finance.

In an interview with CoinDesk, Nick Forster, founder of Lyra and former Wall Street option trader, said that the markets indicate a 20% chance for bitcoin to reach new all-time highs by April 26.

Traders at Lyra had correctly position for bitcoin’s recent rise above $50,000. It’s possible that their latest prediction – a low probability for a record-breaking move above $70,000 before the end of April — will surprise you.

Bitcoin has increased by 35% in just three weeks to $52,000, its highest level since late 2021. This bullish momentum is fueled by the strong inflows of funds into U.S. based spot ETFs.

Crypto traders agree that Bitcoin could continue to gain as the U.S. fiscal policy remains the stimulative for years, compensating higher interest rates. The supposedly bullish quadrennial halving of mining rewards due to occur in April is also due. Global recession probabilities have declined and are at their lowest level since December 2021.

Options are derivatives which give the buyer the right but not the obligation to buy or sale an asset at a future date at a certain price. Call options give someone the right of purchase, while put options confer the right of sale. Options are priced in a way that gives traders clues about where they see the market going over the next few weeks or months.

According to , DeFiLlama, Lyra has the largest decentralized crypto-options venue in the world, with a volume of 32 million dollars of global DEX options over the last 24 hours.

The protocol has recently listed bitcoin options that expire on April 26. This allows traders to place bets on price movements before and after the reward halving. This is scheduled to take place in mid-April, and will reduce the rate of BTC supply growth by 50%.

Forster stated that “early trading activity (in the April 26 expiry) has been concentrated on the upside with call buyers lighting the $64,000- and $70,000-strikes.”

Parikshit Miishra is the editor.