- Bitcoin’s price predicted to hit $70,000 this October with a 40% surge in betting odds on Polymarket.
- There’s a 70% chance for a new all-time high (ATH) in 2024 according to separate market contracts.
- U.S. presidential election dynamics are contributing to the bullish crypto market sentiments.
The Current Market Pulse
As of mid-October 2024, the cryptocurrency market, particularly Bitcoin, is witnessing an unprecedented level of excitement and speculation. Polymarket, a leading prediction market platform, has become a focal point for traders betting on Bitcoin’s next big move.
Betting odds have surged by 40% within a week, indicating strong market confidence that Bitcoin could reach or exceed USD $70,000 before October ends. This optimism comes as Bitcoin touched $68,000, tantalizingly close to this target.
A separate contract on Polymarket suggests a nearly 70% probability that Bitcoin will set a new ATH this year. This reflects not just a recovery but a potential leap beyond previous peaks.
The Election Effect
The U.S. presidential election is playing a pivotal role in this financial speculation:
- Political Speculation: Trump’s increasing odds of winning the presidency, as shown by various betting markets including Polymarket, have historically correlated with positive movements in Bitcoin’s price. Investors often view Bitcoin as a hedge against potential political and economic instability.
- Market Movements: The so-called “Trump trade” is back in play, with assets like Bitcoin gaining traction as Trump’s odds improve. This political sentiment is not just about policy but about market perception and the quest for assets that might benefit from a change in administration.
Why October?
Beyond political reasons, technical analyses suggest Bitcoin’s momentum could carry it to new highs. The market’s sentiment is boosted by factors like increasing institutional adoption and the anticipation of reduced interest rate cuts.
With signs of inflation and shifts in U.S. Treasury yields, investors are looking towards Bitcoin as a digital gold, further fueling its price surge.
Looking Ahead
As we move closer to the election and the end of October, all eyes are on Bitcoin. Will it meet the enthusiastic predictions of the traders on Polymarket? Here are some considerations:
- Market Volatility: Cryptocurrency markets are notoriously volatile. While current trends are bullish, investors should remain cautious of sudden shifts.
- Regulatory Landscape: Any hints of regulatory changes, especially in response to the election outcome, could sway Bitcoin’s trajectory significantly.
- Global Events: External economic factors or geopolitical events could either propel Bitcoin further or trigger a correction.
© 2024 Cryptopress. For informational purposes only, not offered as advice of any kind.
