Bitcoin Approaches $140K With 50% Probability Despite Recent Drop
Bitcoin is maintaining around $122,000 after reaching a record high of $126,200. Some analysts predict a potential rise to $140,000 by month-end.
- Timothy Peterson estimates a 50% probability for Bitcoin to reach $140,000, based on decade-long data simulations.
- BTC has increased nearly 10% since October began, a historically bullish period.
- Record ETF inflows and reduced supply from exchanges are key drivers.
- Exchange balances have hit a six-year low with significant withdrawals.
- Spot ETFs in the U.S. added over $60 billion this year, including $3.2 billion last week.
- Market sentiment remains optimistic with limited negative catalysts identified.
- Challenges include macroeconomic uncertainties and lack of new economic data due to the U.S. government shutdown.
The crypto market faces uncertainty as upcoming FOMC meetings and earnings reports could influence BTC's direction either towards $140,000 or lower levels.
Recent profit-taking saw BTC prices drop over 2%, affecting other cryptocurrencies like XRP, SOL, ETH, and ADA by up to 7%. Meanwhile, BNB gained 1.5% amid increased ecosystem activity.