Bitcoin's BTC/USD smashing rally past $71,000 has reinvigorated the market, but should one remain humble or prepare for something miraculous—like a run to $250,000 by year-end?
What happened: After a nearly five-month wait, the leading cryptocurrency sailed above $71,000 and is now within touching distance of its all-time high of $73,737.
Things were shaping well for Bitcoin as banking giant Standard Chartered had predicted the leading cryptocurrency to hit $73,000 on the day of the presidential election next week.
Punters on the cryptocurrency-based betting market Polymarket were also leaning toward an 84% chance of a new peak for Bitcoin.
However, just about 2% odds were currently in favor of Bitcoin's rise to $250,000 before the year ends, which reflected a degree of wisdom in betting circles.
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A $250,000 price target in two months is about as unrealistic as it gets. To reach this level, Bitcoin, which is currently priced at $70,993, would need to increase by 250%.
The odds for this occurrence peaked at 16% back in March but have steadily gone downhill since then.
Why It Matters: Bitcoin's bullish run on price charts has coincided with GOP presidential nominee Donald Trump's increasing odds of a victory. As of this writing, bets in favor of Trump were 66% on Polymarket, against Kamala Harris' 34%.
Matthew Sigel, head of digital assets research at VanEck, acknowledged the correlation between the two events, stating that Trump's popularity was helping drive demand for Bitcoin.
Price Action: At the time of writing, Bitcoin was exchanging hands at $70,993, up 4.06% in the last 24 hours, according to data from Benzinga Pro.
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