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Tony Zhang of OptionsPlay answered a question on Snap Inc (NYSE:SNAP) from a viewer of CNBC's "Options Action" during the show on Friday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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He likes the stock as it is building a base above $75 and it has a strong relative strength. He feels the August $80/$85 call spread is a little bit too high in terms of strike prices in such a short period of time. He would instead look to buy the September or the October expiration and he would pick the $75/$80 call spread.