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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.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team