- Bitcoin has rebounded 50% in the last seven weeks.
- Prediction markets are leaning into more bullishness to come.
- Macro trends are shaping up nicely for BTC.
No sooner did Bitcoin hit an all-time high on Wednesday than Polymarket bettors set their sights on an even loftier price target of $115,000 in the nine days remaining this month.
Bitcoin has a 64% chance of reaching that target, which is a stunning leap from the 14% chance last week.
What changed?
Well, Bitcoin, after hovering around the $108,000 peak, finally blew past the price mark on Wednesday.
‘What we are seeing is Bitcoin accumulation in preparation for increased market stress.’
— Noelle Acheson
That’s an almost 50% recovery for Bitcoin from its dip to $74,500 in early April. Arthur Hayes, the crypto influencer and angel investor, called that low earlier this year.
Whatever happens, investors will rejoice in Bitcoin’s performance this week.
“Bitcoin reaching $110,000 is a significant milestone,” Reece Hobson, crypto analyst at eToro Australia, said on Thursday.
Hobson said multiple catalysts drove Bitcoin’s jump, including global liquidity growth and massive inflows from exchange-traded funds.
Institutional investors have poured almost $3 billion into spot Bitcoin ETFs in May.
Market analysts say investors are betting on Bitcoin as a risk asset like technology stocks and a haven like gold, a dual narrative nature that Noelle Acheson says gives the asset a “higher floor.”
Accumulation spree
Bitcoin whales have also been on an accumulation spree in the last two months. Market data shows investors have snapped up $122 billion worth of Bitcoin, which has supercharged a massive capital influx into the market.
“What we are probably seeing now is Bitcoin accumulation in preparation for increased market stress – from both risk asset investors, and longer-term, safe-haven investors,” said Acheson.
With the market already hitting record highs, the question now is twofold: how high can it go, and does the rally have legs?
“There’s a chance that we will see Bitcoin at $150,000 this year,” Mateusz Kara, CEO of Ari10, a crypto payment company, told DL News.
Kara said Bitcoin’s rise will be due to the Federal Reserve lowering interest rates after the dust kicked up by US President Donald Trump’s tariff wars settles.
Even before this week’s rally, market watchers had optimistic price projections for Bitcoin. Standard Chartered’s Geoff Kendrick predicts Bitcoin will reach $120,000 by the end of this quarter.
For Hobson, Bitcoin can go as high as $155,000 if the “bullish momentum persists,” but that would depend on strong volume and market conditions.
Broader picture
On Monday, CEX.IO analyst Illia Otychenko pointed to thinning volumes in both and derivatives market ― declines of 29% and 36%, respectively, in the past month ― as an indication that any price rally would lack sufficient depth to be sustainable.
“The broader picture shows a market torn between momentum-driven optimism and some underlying structural weaknesses,” Otychenko said.
“This combination of bullish signals and warning signs suggests that the coming weeks may be defined less by gradual continuation and more by sharp, decisive moves.”
Crypto market movers
- Bitcoin is up 4.2% over the past 24 hours to trade at $110,767.
- Ethereum is up 5.8% over the same period to about $2,668.
What we’re reading
Osato Avan-Nomayo is our Nigeria-based DeFi correspondent. He covers DeFi and tech. Got a tip? Please contact him atosato@dlnews.com.
