After reaching a new all-time high, expectations for Bitcoin have risen even higher.
Polymarket Investors: Bitcoin Could Hit $115,000 in 9 Days
Traders on predictive crypto marketplace Polymarket are assessing a 64% chance that the leading cryptocurrency will reach $115,000 in the next nine days, a striking increase from last week’s 14%.
Bitcoin surged past its previous high of $108,000 on Wednesday, surpassing the $110,000 level, sparking renewed investor interest. BTC has rebounded by nearly 50% in the past two months and is on a strong rally since its low of $74,500 in early April.
“Bitcoin reaching these levels is the result of a strategic accumulation against the expectation of market stress,” said crypto analyst Noelle Acheson.
ETF Demand and Institutional Flows Take Precedence
eToro Australia analyst Reece Hobson attributes this week’s rally to increased global liquidity and a surge in capital into spot Bitcoin ETFs, with nearly $3 billion in institutional inflows in May alone pushing Bitcoin’s price higher.
Bitcoin is seen as both a risky investment vehicle similar to technology stocks and a safe haven like gold, creating a unique “dual narrative” for investors. It is stated that this approach creates a “floor” for the price to fall.
Over the past two months, large Bitcoin investors have played a key role in the price increase, providing an inflow of approximately $122 billion worth of BTC to the market. This accumulation trend is interpreted as preparation for increasing economic uncertainties.
“What is happening right now could be a wave of accumulation by both short-term risk-averse investors and long-term safe haven seekers,” Acheson said, summing up the dynamics in the market this way.
Year-end Estimates Go Up to $150,000
Ari10 CEO Mateusz Kara said that Bitcoin could see $150,000 this year, and that factors such as the US Federal Reserve cutting interest rates and decreasing political uncertainties would be effective in this scenario.
Geoff Kendrick, an analyst at Standard Chartered, predicts that Bitcoin could reach $120,000 by the end of the quarter. According to Hobson, if market volume remains strong, BTC could climb to $155,000.
But There Are Warnings Too
CEX.IO analyst Illia Otychenko drew attention to the 36% decrease in volume in the derivatives markets and the 29% decrease in the spot market in the last month, and emphasized that caution should be exercised regarding the permanence of this increase.
“The market is stuck between upward momentum on the one hand and structural weaknesses on the other,” Otychenko said, noting that the coming weeks could be marked by sudden and sharp movements.
*This is not investment advice.
