Odds of BTC Hitting $130K This Month Drop to Nearly 0%
This month was supposed to be a massive breakthrough for the jaded Bitcoin bulls.
However, "Uptober" turned into "Floptober," and the leading cryptocurrency is now on track to score its first October in the red since 2018.
The cryptocurrency reached an intraday low of $110,020 earlier this Wednesday, CoinGecko data shows.
According to Polymarket bettors, the odds of the leading cryptocurrency surpassing $130,000 this month currently stand at 0%.
There is also a 3% chance that Bitcoin will plunge below $100,000 this month.
Why did 'Uptober' flop?
The cryptocurrency started the month on a high note, surging to a new record high.
However, things quickly turned south for the bulls due to an escalation in trade tensions between the US and China.
The cryptocurrency market experienced its biggest liquidation event ever, with $19 billion worth of longs and shorts being wiped out after the US announced 100% tariffs on the second-largest economy.
Bitcoin's plunge undercut the safe-haven narrative, and the cryptocurrency continued to underperform gold.
Even though the trade tensions between the two superpowers have now diffused, Bitcoin has struggled to recover.
Pessimistic 2025 predictions
Will the bulls be back in the driver's seat this year? Polymarket bettors do not think so.
In fact, only 46% of them think that Bitcoin will top $130,000 during the remaining two months.
In the meantime, there is only a 14% chance of BTC topping $150,000 this year.
That said, "Rich Dad Poor Dad" author Robert Kiyosaki is still convinced that Bitcoin is on track to surpass $250,000 this year.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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Powell: Another rate cut in December is not a certainty, there are significant divisions within the committee, the job market continues to cool, and there is short-term upward pressure on inflation (full text attached)
Powell stated that inflation still faces upward pressure in the short term, while employment is facing downside risks. The current situation is quite challenging, and there remains significant disagreement within the committee regarding whether to cut rates again in December; a rate cut is not a foregone conclusion. Some FOMC members believe it is time to pause. Powell also mentioned that higher tariffs are driving up prices in certain categories of goods, leading to an overall increase in inflation.
Mars Morning News | Due to uncertainty over Federal Reserve rate cut expectations, the crypto market seeks support downward
Federal Reserve Chairman Powell stated that a rate cut in December is not inevitable, leading to a significant decrease in market expectations for rate cuts and a decline in risk assets. The crypto market also dropped as a result, with bitcoin falling below $110,000. The trading volume of Bitwise Solana ETF continues to grow. Summary generated by Mars AI. The accuracy and completeness of the content generated by the Mars AI model are still being iteratively updated.
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