Bitcoin Options Trader Bets Big on $95,000 Price Target

A $3.2 million bet on Bitcoin's price has been placed by an options trader, who is wagering that the cryptocurrency will reach approximately $95,000 by October 30.

The trade was executed in five blocks over the past 24 hours using Oct. 30 expiry contracts and involves a long call butterfly strategy.

The trader stands to benefit most if Bitcoin settles near $95,000 at expiration, with a positive payoff between $90,000 and $100,000.

This view aligns with the technical picture on the daily chart, which shows little obvious resistance between $85,000 and $98,000.