Trader Bets Big on Bitcoin's Next Move: $95,000 by October 30th

A large 'Bitcoin Butterfly' options trade has been executed, with a net initial payment of $3.17 million. The trade, which involves buying calls at $90,000 and $100,000 while selling twice as many calls at $95,000, benefits most when Bitcoin settles near the middle strike price of $95,000 at expiry.

The strategy makes money if Bitcoin is around $95,000 at expiry and has a positive gross payoff between $90,000 and $100,000. Outside this range, the payoff is zero and the trader stands to lose the initial payment.

The trade aligns with Bitcoin's daily chart, which shows little resistance between $85,000 and $98,000. The current momentum could push Bitcoin toward $98,000 in the near-term.