Polymarket traders have placed several bets that Bitcoin will reach at least $126,000 by October. According to the prediction site, bets have already been placed worth more than $332,000 on a 71% probability of Bitcoin reaching a new all-time high in the month.
The other Polymarket bets include an 85% wager on hitting $124,000, which has a balance of $123,000, and a stake of $122,000 on the cryptocurrency hitting $122,000. This optimism increases after what the crypto community calls Uptober, a phenomenon that suggests Bitcoin performs well during October.
This month is already experiencing significant inflows over the trading platforms, which is an indication of better sentiment and speculative momentum in the digital asset market.
Bitcoin is trading at $122,024, up 1.52% in the last 24 hours and 10% over the previous seven days. This is because the market capitalization of the token is currently approximately $2.4 trillion, and trading volumes are high across major exchanges.
According to market analysts, Bitcoin is expected to continue rising as institutional and retail demand grow. John McDonal, Global Head of Digital Assets Research at Standard Chartered, has recently estimated a target of $135,000 in Bitcoin by the close of this quarter.
This forecast aligns with the current favorable market perception, with Bitcoin only 1,514 points short of its all-time high of $ 64,863 reached in April 2021. Strong US demand and a favorable macroeconomic environment are reasons why many traders consider the next significant milestone to be the $126,000 mark.
Bullish trend has, however, caused heavy liquidations among short sellers as well. Coinglass stated that traders have lost their jobs in the last 24 hours, with the total loss exceeding $141,000, and that some $4.54 million in short bets have been wiped out as the price soared.
The success of Bitcoin has increased the overall market capitalization of the cryptocurrency market to over $ 4.21 trillion, a measure of the strength of digital assets. This price has increased by nearly 14 percent within a week, driven by new investor confidence and a buying spurt from US-based investors.
On-chain data indicates increased demand in the domestic market, with $1.6 billion more inflows of Bitcoin and a Coinbase premium of 92. Analysts observe that uncertainty over the continued shutdown of the US government has also been an advantage to Bitcoin, as it has postponed major economic reports and impacted risk appetite.
According to technical analysts, Bitcoin has transformed the $120,000 mark into support, which is likely to experience price discovery over the next few days, potentially pushing the price above $125,500. Nevertheless, the resistance is close to $130,000, and big sell orders have been noticed. The daily closes this week will indicate whether Bitcoin can continue on its current course and reach a new price range, according to market observers.