- Prediction market Polymarket shows an 80% probability on Bitcoin to hit $120,000 in July
- This comes as Bitcoin has just set a new all-time high of $118,426 and is trading near $118,000
- The bullish sentiment is backed by a 95% surge in 24-hour trading volume, which hit $119 billion
The blockchain-based prediction platform, Polymarket, reveals that the majority of crypto community members expect Bitcoin to clinch the $120,000 price mark in July.
Data from the probability platform shows that 80% of crypto users expect Bitcoin to hit this target, while a few others believe the surge will continue to $130,000 and beyond.
Polymarket Odds
Polymarket’s data at the time of writing shows that 26% of the platform’s users expect Bitcoin to reach $130,000 in July, while only 4% believe the price can hit a $150,000 target before the end of the month. Meanwhile, one percent of the prediction platform’s population is optimistic that Bitcoin’s price will continue to climb and will hit the $200,000 target in July.
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In contrast, a portion of Polymarket users expect Bitcoin’s price to pull back after the latest rally and end the month below its current level. Real-time data from the platform shows that 11% users think BTC will return to the $100,000 level, while 4% believe it will break below the significant support and crash to $95,000. Another 3% of Polymarket users predict that Bitcoin will end July at $90,000, and only 1% expect the cryptocurrency to crash to $60,000.
Bitcoin Momentum Remains Strong
In the meantime, Bitcoin traded for $118,011 after reaching an all-time high of $118,426 earlier on Friday. The cryptocurrency’s fundamental metrics reflect significant momentum and suggest it could push for higher targets. For instance, Bitcoin’s trading volume surged over 95% in the last 24 hours to reach $119 billion, while its market cap increased by 6%, standing at $2.34 trillion at the time of writing.
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Although the majority of Polymarket users project a $120,000 target for Bitcoin in July, most expert analysts think otherwise. They believe the recent move is only a breakout that prepares the flagship crypto for higher targets. Nonetheless, the bullish momentum behind Bitcoin suggests it could break above $120,000 in the next few hours.
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