Bitcoin, the main cryptocurrency, surged to a brand new document excessive of $125,708 at 4:45 a.m. UTC on the Bitstamp trade. The flagship coin is presently altering arms at $125,111 after paring some losses.
This “Uptober” is shaping as much as be yet one more exceptionally robust month for the main cryptocurrency, definitely dwelling as much as its title.
Nonetheless, with regards to the latest rally, it stays to be seen whether or not it is going to have legs, provided that Sunday worth spikes are typically relatively short-lived.
Shorts getting worn out
On the identical time, Bitcoin shorts are being worn out en masse, with $221.58 million price of futures being liquidated over the previous 24 hours, in accordance with CoinGecko knowledge. Notably, brief positions account for a whopping 96% of all liquidations on the Bybit trade over the previous 4 hours.
Will Bitcoin hit $135,000?
As reported by U.Today, Customary Chartered analyst Geoff Kendrick just lately predicted that the value of Bitcoin might surpass the $135,000 degree “quickly,” citing the continued U.S. authorities shutdown as the important thing motive behind his bullishness.
Polymarket bettors presently see a 34% probability of BTC topping the aforementioned degree within the close to future.
2025 expectations
Customary Chartered’s chief market analyst can also be sure that Bitcoin might surge to the much-coveted $200,000 degree as early as this yr. Nonetheless, Polymarket bettors are considerably much less bullish, presently seeing solely a tiny 7% of this taking place in 2025. That stated, Bitcoin’s odds of surpassing $140,000 look fairly respectable as of now, presently standing at 53%.
