Bitcoin, the leading cryptocurrency, surged to a new record high of $125,708 at 4:45 a.m. UTC on the Bitstamp exchange. The flagship coin is currently changing hands at $125,111 after paring some losses.
This "Uptober" is shaping up to be yet another exceptionally strong month for the leading cryptocurrency, certainly living up to its name.
However, when it comes to the recent rally, it remains to be seen whether it will have legs, given that Sunday price spikes tend to be rather short-lived.
Shorts getting wiped out
At the same time, Bitcoin shorts are being wiped out en masse, with $221.58 million worth of futures being liquidated over the past 24 hours, according to CoinGecko data. Notably, short positions account for a whopping 96% of all liquidations on the Bybit exchange over the past four hours.
Will Bitcoin hit $135,000?
As reported by U.Today, Standard Chartered analyst Geoff Kendrick recently predicted that the price of Bitcoin could surpass the $135,000 level "soon," citing the ongoing U.S. government shutdown as the key reason behind his bullishness.
Polymarket bettors currently see a 34% chance of BTC topping the aforementioned level in the near future.
2025 expectations
Standard Chartered's chief market analyst is also certain that Bitcoin could surge to the much-coveted $200,000 level as early as this year. However, Polymarket bettors are significantly less bullish, currently seeing only a tiny 7% of this happening in 2025. That said, Bitcoin's odds of surpassing $140,000 look pretty decent as of now, currently standing at 53%.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team