Bitcoin, the leading cryptocurrency, is showing signs of a potential surge, with traders betting on a strong finish to October. Polymarket traders are assigning a 97% chance of Bitcoin staying above $60,000 by October 1st, while some even see a possibility of reaching $70,000 in the coming weeks.
Further bolstering the bullish sentiment is a Polymarket poll showing a 68% probability of Bitcoin hitting a new all-time high in 2024. Analytics provider Santiment’s poll reveals similar optimism, with 44.8% of respondents believing Bitcoin could reach $70,000 by October. This is significantly more bullish than the sentiment on Polymarket, where only a 13% chance is assigned for Bitcoin hitting $70,000 by next Tuesday.
Crypto influencer Scott Melker believes Bitcoin might be on the verge of a parabolic bull run, suggesting a potential shift in market structure. He points out that Bitcoin is attempting to confirm its first higher high since it peaked at $74,000 in March. If Bitcoin closes above $65,000, it would indicate a new uptrend from the August lows in the $50,000s, signaling the start of a bullish market structure. Melker also sees current market conditions mirroring past halving cycles, where a parabolic uptrend typically begins. He even predicts, “We are days before “Uptober.”
Data from IntoTheBlock shows a significant increase in large transaction volume, rising by 3.74%. Daily active addresses are also up by 1.3%. Transactions exceeding $100,000 have increased from 8,415 to 9,065 in a single day, further indicating heightened activity. Exchanges netflows are down by a substantial 896.9%, suggesting a decrease in selling pressure.
The upcoming Benzinga’s Future of Digital Assets event on November 19 will delve deeper into the influence of Bitcoin as an institutional asset class. The increasing institutional interest, coupled with the bullish sentiment among traders and the positive on-chain indicators, suggests that Bitcoin could be on the cusp of a significant upward trajectory. While the future remains uncertain, the current market conditions are pointing towards a potential bullish run for the cryptocurrency king.
