Options traders indicate that they expect a moderate rise in Bitcoin rather than a sharp spike. They have constructed a bullish vulture options portfolio with 20,000 Bitcoin, aiming for a settlement price between $100,000 and $118,000 by December 2025. Market makers point out that expectations for the year-end 'Christmas rally' have faded, and volatility skew and negative skew indicate a continued bearish sentiment in the market. Analysts from GreeksLive and Derive emphasize that while prices have stabilized, implied volatility remains high and panic sentiment has not completely dissipated, suggesting that Bitcoin prices will continue to oscillate within a range. The current trading price of Bitcoin is $87,400, down 0.3% in the last 24 hours.