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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%.
Bull market is "intact"
According to Fidelity, the current bull market remains "intact." The cryptocurrency has experienced 165 consecutive days with 90%+ of addresses in profit, which is the longest streak in its history.
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.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team