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U.Today - Bitcoin (BTC) may be heading for one of its highest price levels this year based on data from Polymarket, the popular prediction market.
According to the platform, traders believe that there’s a real chance that BTC will trade at over $130,000 before this year ends.
The platform shows that there’s a 63% chance that the crypto asset will hit this price. Currently, much of the BTC price momentum is due to rising institutional interest through spot Bitcoin ETFs.
Bets favor $110,000–$130,000 range for Bitcoin’s price
The forecast also shows that there’s an 18% possibility for Bitcoin to reach $200,000 and an 11% chance for it to hit $250,000. Some more ambitious traders (about 3%) are betting that BTC price could cross $1 million before the end of the year.The most likely outcome for the cryptocurrency, according to the market, is a price between $110,000 and $130,000. Bitcoin’s future price is usually a hot discussion among crypto market players.
Some believe that changes in crypto regulations and market volatility would prevent the coin’s price from rising to expectations. However, there are others who are confident that the scarcity from halving events and greater adoption would lead to price increases.
Although prediction markets like Polymarket are not a guarantee of future prices for any asset, they are a reflection of true market expectations.
Still, popular Bitcoin critic Peter Schiff believes the coin’s price isn’t skyrocketing soon, according to a U.Today report.
Over $250 million liquidated in 12 Hours
In a related development, the cryptocurrency market has experienced massive liquidations in the past hour, according to Coinglass data. About $37.83 million worth of positions have been forcibly closed across exchanges.A breakdown shows that $22.93 million in short positions were liquidated, while it was $14.9 million for long positions. Ethereum traders recorded the biggest loss, with more than $22.6 million in shorts and longs.
It was the most affected cryptocurrency, with Bitcoin and Solana following at $5.29 million and $1.88 million, respectively. A single massive liquidation of $12.20 million stood out, making it the largest in recent history.
Within the past 12 hours, more than $256 million in cryptocurrency positions were wiped from the bulls and the bears. From the data, those betting on prices to drop were hit the hardest.
They lost over $200 million in that window, while long traders lost approximately $55 million.