Bitcoin Options Signal Bullish Surge: $136K-$145K Targets Emerge

The Bitcoin options market is signaling a significant bullish shift following a period of substantial price gains, pushing BTC near its all-time high of $124,400. A recent record options expiry effectively “reset” open interest, prompting traders to pivot from downside hedges towards aggressive upside exposure as Q4 commences, according to blockchain analytics firm Glassnode. This market reset allows for fresh positions to reflect new sentiment.

Key indicators confirm this bullish tilt. Implied volatility (IV) readings suggest short-term calm, with one-week IV dropping by three points and two-week contracts by two. However, longer maturities remain anchored at 40-43%, indicating potential uncertainty later in the year despite immediate stability. More dramatically, the one-week 25-delta risk reversal (RR) swung from an 18.5 vol put premium, reflecting strong demand for downside protection, to a 4 vol call premium, signifying traders are now paying for upside exposure. Longer-term RRs also flattened, reinforcing the short-term bullish outlook.

Market flows further solidify this optimistic sentiment. Glassnode data shows traders lifting upside calls, with net premiums heavily concentrated in the $136,000–$145,000 strike range. This activity suggests an expectation of continued Bitcoin strength, though moderate call selling at higher strikes indicates participants aren’t chasing extreme parabolic targets yet. Dealer gamma exposure currently remains muted, offering a limited stabilizing influence on volatility until closer to future expiry dates. As Bitcoin trades around $122,086 with an 11.92% daily gain, the options market points towards sustained upward momentum, targeting specific price levels in the near to medium term.

(Source: https://bitcoinist.com/bitcoin-options-market-bullish-shift-call-136k-145k/)