Crypto investors may be underexposed to Bitcoin, especially as option traders grow more bullish on the asset, according to 10x Research head Markus Thielen . Thielen told Cointelegraph on Wednesday, explaining there's a chance Bitcoin could reach $133,000 in September .
10x Research's Bitcoin trend model flipped bullish on June 29, and said the recent breakout could carry momentum through to September . According to Thielen, trading signals suggest that this short-term breakout carries a 60% probability of further upside over the next two months, with historical analogs pointing to gains of around +20% . At Bitcoin's current price of $111,000, a 20% move higher would place BTC near $133,000 .
Thielen pointed to the upcoming US Consumer Price Index print on July 15, which market participants expect to be “benign” . He also pointed to a “bullish policy backdrop” during the upcoming US crypto week . Bitcoin's next move could “define this quarter” .
Although Q3 is typically Bitcoin's weakest quarter, averaging just a 5.84% return since 2013, Thielen believes this time could be different .
Traders are adding exposure to September $130,000 calls on Deribit, expecting continued bullish price movement . Bitcoin has been trading between $100,000 and $110,000 for more than 50 days .
However, other analysts suggest a potential correction below the key psychological mark of $50,000 in September . Historically, September has been a month of downside volatility, with average Bitcoin returns at -4.69%, making it the most bearish month based on average returns .