With bitcoin trading above $65,000, crypto enthusiasts are expecting big price moves in October. Many still believe BTC will surpass its all-time high before the year ends. On Polymarket, a blockchain-based prediction platform, current odds suggest there is a 61% chance that bitcoin will surpass the record it set seven months ago.
Polymarket Bettor: Bitcoin Likely to Hit Record High, Less Than $100,000
As October approaches, the cryptocurrency community is eagerly awaiting what many hope will be a lucrative month for bitcoin. Playfully dubbed “Uptober,” the month has historically delivered strong returns, with gains recorded 81.82% of the time since 2013. Enthusiasts are optimistic that this pattern will continue, keeping the tradition alive. As of September 29, 2024, bitcoin’s price is $65,707 per BTC, just 11% below its all-time high of $73,737, set on March 14, 2024.
Polymarket bettors now estimate a 61% chance that BTC will surpass its previous peak before the end of the year. The bet, which has generated a volume of $127,807, would be settled as “yes” if bitcoin breaks its March 14 record before December 31, 2024. While many are betting on bitcoin setting a new high, the odds of hitting $100,000 by 2024 are much lower. With a volume of $1,110,320, only 17% of bettors believe bitcoin will hit $100,000 this year.
The outlook for the $250,000 target is even more skeptical, with just a 3% chance, according to a Polymarket bet with a volume of $772,483. Meanwhile, the bitcoin prediction blog hosted by changelly.com has a much more optimistic (and possibly unrealistic) forecast for October. The Changelly blog predicts bitcoin will surpass its all-time high on October 2, 2024, predicting a price of $75,256 on that date.
Changelly expects a low of $66,400 to start the month and predicts bitcoin could rise to $89,246 by October 28. This combination of cautious optimism and extremely speculative forecasts illustrates the unpredictable path bitcoin will take. Whether or not it surpasses its previous peak, the market remains driven by both hope and data-driven strategies, as participants continue to monitor the charts, always alert for new opportunities.
What do you think about Polymarket’s prediction of bitcoin hitting an all-time high? How do you feel about Changelly’s extremely bold and speculative forecast for October? Share your opinions and insights in the comments section below.
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