BREAKING: Bitcoin Reclaims $120K. Is ATH Next? – Crypto News – Crypto News
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BREAKING: Bitcoin Reclaims $120K. Is ATH Next? BREAKING: Bitcoin Reclaims $120K. Is ATH Next?

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BREAKING: Bitcoin Reclaims $120K. Is ATH Next? – Crypto News

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10 months ago

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Bitcoin, the flagship cryptocurrency, has reclaimed the $120,000 level for the first time since Aug. 14 on the Bitfinex exchange. 

The leading cryptocurrency is currently changing hands at $120,020 on the popular trading platform, steadily approaching its current record high of $124,128.

The top coin has seen a relentless rally amid the ongoing U.S. government shutdown, which has seemingly bolstered the case for a non-sovereign safe haven.

It is worth noting that both the S&P 500, the main stock market index, and gold hit new record highs today, which is rather unusual. Both risk-on and risk-off assets are rallying amid expectations of two additional rate cuts in 2025. 

How high can Bitcoin surge during ‘Uptober’? 

According to Polymarket bettors, there is a 35% chance of Bitcoin hitting $130,000 this October. At the same time, Bitcoin is expected to top $126,000 by the vast majority of market participants. 

There is also a 4% chance of the leading cryptocurrency surging all the way to $150,000 during this month. 

The odds of Bitcoin skyrocketing to $200,000 within a single month currently stand at just 1%. 

JPMorgan turns bullish on Bitcoin 

In the meantime, JPMorgan analysts recently opined that the leading cryptocurrency is undervalued compared to gold. Bitcoin’s market cap would have to rise by 42% in order to match the total private sector investment in gold on a volatility-adjusted basis. 

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