Bitcoin rally has further to run. But $100k? Forget it, say punters

Bitcoin traders are betting the cryptocurrency has further to run this month, but few see a return to six figures, according to prediction market Polymarket.

The market, which asks what price Bitcoin will hit in August and resolves on 1 September, put the odds of the token reaching $100,000 at just 1%.

The chance of touching $80,000 was priced at 5%, while $77,500 carried a 10% probability and $75,000 sat at 21%.

The most closely watched threshold, $72,500, was given a 46% chance, up 29 percentage points on the day, reflecting a sharp shift in sentiment.

The wager on $67,500 firmed to 59%, up nine points.

The repricing followed a sharp move higher. Bitcoin jumped nearly 8% on Wednesday to around $69,500, its highest level since early June and its steepest single-day climb since March.

The surge forced more than $1 billion in short-position liquidations in about an hour, the biggest wipeout of bearish bets in records dating back to 2021.

Traders had spent weeks pushing the token into the low $60,000s, leaving those betting on further declines badly exposed when the reversal came.

The rally drew fuel from a White House meeting with crypto executives and a Treasury move to expand bond buybacks, which lifted Ether and crypto-related equities alongside Bitcoin.