- Bitcoin trades above $70,700 as derivatives data shows $80,000 calls dominating on Deribit.
- BTC rebounded to near $72,900 on Wednesday as a US-Iran ceasefire eased oil pressures.
- Analysts see end of stress cycle, targeting $80,000 if $75,000 breaks.
Bitcoin’s resurgence to above $70,000, with intraday highs of $72,900, has crypto enthusiasts in an upbeat mood. The cryptocurrency hovers near $70,800 as of writing, off highs seen on Wednesday, but bulls are upbeat as fresh market signals point to a potential breakout.
Traders bet on next leg up for Bitcoin
Bitcoin is well off its year-to-date highs and has struggled since breaking lower in late January 2026. Bears are therefore still on the hunt.
However, this week has investor sentiment shifting bullish, fueled by the US-Iran ceasefire and key activity in Bitcoin derivatives. Data suggests investors are eyeing a potential rally to $80,000.
Options data from Deribit, the platform that accounts for the lion’s share of the global crypto options market, shows bullish bets on prices surging to $80,000 have increased.
Call options betting on BTC climbing beyond the $80k strike price have hit $1.6 billion. This is a stark reversal from recent months when $60,000 puts, which outline wagers on price drops, dominated the outlook.
On-chain data also supports the bullish case, with Morgan Stanley’s ETF debut netting over $34 million in volume.
Allyson Wallace, global head of ETFs at Morgan Stanley, commented ahead of the launch: “The demand, especially from the high-net-worth investors, has been quite high. Viewed at the firm level, this is an asset class that is not going away.”
Bitcoin price prediction
The crypto market began the week with all eyes on Bitcoin. Notably, BTC bounced to highs near $72,900, hitting levels last seen since March 18. The uptick saw buyers push from lows near $67,700 overnight Tuesday, April 7, amid news of a ceasefire between the US and Iran.
Investors buoyed by the prospect of an easing in oil prices helped BTC higher. With broader inflation concerns dissipating, a further strengthening in the ceasefire could see Bitcoin prices break to $75,000. If this happens, the next target will be $80,000 or higher.
However, geopolitical risks remain amid a likely fragile ceasefire. If fresh attacks begin and an escalation occurs, a surge in oil prices could send risk assets plummeting.
Signs of strain in the ceasefire emerged quickly, with Iran’s parliamentary speaker Mohammad Bagher Ghalibaf accusing the US of violating the agreement, citing continued Israeli strikes on Lebanon, a drone incursion, and disputes over uranium enrichment.
President Donald Trump maintained a hardline stance, warning of escalation if terms are breached, while limited traffic through the Strait of Hormuz highlights ongoing uncertainty over the truce’s durability.
“Bitcoin’s stress cycle is ending, but not yet reversing,” CryptoQuant analysts noted early Thursday. “Risk remains present… But for investors with a cycle-aware framework, the data suggests we are closer to the beginning of an opportunity than the end of one.”
Losses could bring BTC to support near $65k, with $60k a major demand reload zone.
