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A growing number of options traders are betting that %Bitcoin ($BTC ) will reach $200,000 U.S. by year’s end.

The aggressive call options being placed on Bitcoin would require the price of the world’s biggest %Cryptocurrency to effectively triple from current levels.

This is the first time in three years that options traders have taken out bets on Bitcoin’s price reaching the $200,000 U.S. level.

Trading exchange data shows that at least $20 million U.S. worth of call options have been placed betting that Bitcoin’s price will reach the $200,000 U.S. level by Dec. 27 of this year.

However, some call options are more aggressive, with traders betting that Bitcoin’s price will reach $200,000 U.S. by June or September.

Call options give investors the right to buy an asset or security at a set price at a later date.

While some market analysts, such as Fundstrat’s Tom Lee, are forecasting that Bitcoin’s price will reach $150,000 U.S. this year, few if any analysts see it topping $200,000 U.S.

That said, $200,000 U.S. call options on Bitcoin were popular the last time that the cryptocurrency’s price exceeded $60,000 U.S. back in 2021.

The aggressive bets by options traders come as Bitcoin’s price hit an all-time high above $69,000 U.S. on March 5, and ahead of an upcoming halving event scheduled for April.

A %Halving event is when the rate at which Bitcoins are released, and the rewards given to miners, are cut in half.

Bitcoin’s price has increased 54% so far in 2024 and is up 214% over the last 12 months.