Bitcoin, the premier digital currency, has once again surpassed the $120,000 mark on the Bitfinex platform for the first time since August 14.
The cryptocurrency giant is currently trading at $120,020 on this well-known exchange and is inching closer to its all-time peak of $124,128.
This upward momentum comes amid a prolonged U.S. government shutdown that appears to have strengthened Bitcoin’s appeal as a non-governmental safe asset.
Interestingly enough, both the S&P 500 index and gold have reached new heights today. This simultaneous rise in both riskier and safer investments is quite rare and coincides with predictions of two more interest rate reductions in 2025.
What are Bitcoin’s prospects during ‘Uptober’?
Bettors on Polymarket suggest there’s a 35% probability that Bitcoin will climb to $130,000 this October. Additionally, most market analysts anticipate it will exceed $126,000.
A smaller group believes there’s a 4% chance for Bitcoin to soar up to $150,000 within this month.
The likelihood of reaching an astounding figure like $200,000 in just one month remains at merely 1% at present.