Bitcoin continues to show impressive results, establishing a new all-time high. Recent market events indicate a growing interest and bets on the cryptocurrency’s further rise.
New All-Time High for Bitcoin
Bitcoin reached a new all-time high of $124,457.12 in the past 24 hours, before slightly pulling back to trade at $121,692 as of 12:28 a.m. EST. The crypto has risen by 1.3% in the past day and 5.8% over the last week as investor sentiment remains buoyant.
Bets on Further BTC Growth
Investors on the Polymarket platform are wagering on Bitcoin’s continued rise, predicting it could reach the $130,000 to $200,000 price range. In the past 24 hours, the odds of Bitcoin hitting $130,000 by the end of the year surged by 8%, now at 84%. Expectations for other price levels have also increased, indicating a high risk appetite among traders.
Market Expectations and ETF Influence
Experts, including JAN3 CEO Samson Mow, indicate that the market might face competition between Bitcoin and altcoins after this new all-time high. He outlined two potential scenarios: either Bitcoin continues to rise, pulling funds away from altcoins, or there’s an altcoin surge followed by a Bitcoin correction. Despite this, sustained institutional inflows into Bitcoin ETFs are seen, while similar Ethereum ETFs are attracting more capital.
Bitcoin is showing remarkable growth with a new all-time high established. However, potential corrections and competition with altcoins may affect its further trajectory in the market.
