$Bitcoin users are not prepared for BTC to possibly reach a price of $133,000 in September
The Bitcoin trend model from 10x Research indicates there is a 60% chance that Bitcoin will rise in the next two months.
Cryptocurrency investors may be underexposed to Bitcoin, especially now that options traders are showing more optimism about the asset, according to Markus Thielen, director of 10x Research.
"We remain optimistic, especially since many traders seem to be underexposed after last month's options expiration, which led to a significant reduction in exposure," Thielen told Cointelegraph on Wednesday, explaining that there is a possibility Bitcoin could reach $133,000 in September.
"Traders are now predominantly buying call options, which indicates they may be underexposed to a further rise," Thielen said in a market report the same day.
The Bitcoin bullish trend model turns bullish
Bitcoin recorded a new all-time high on Wednesday, reaching $112,000.
According to Thielen, the Bitcoin trend model from 10x Research turned bullish on June 29, and he stated that the recent bullish breakout could maintain momentum until September.
"Our trading signals suggest that this short-term bullish breakout carries a 60% probability of new rises in the next two months; historical analogies point to gains of around +20%,” he stated.
With the current price of Bitcoin at $117,000, a 22% rise would place BTC near $133,000, according to CoinMarketCap data.
