First time since January – Bitcoin hits $81k again

Three months after Bitcoin briefly dropped below $60k, the future looks much brighter again. For the first time since January of this year, Bitcoin briefly traded above $81k (where there is still a lot of resistance) on Monday morning during Asian hours. At the time of writing, the largest digital currency is trading at $80,800.

Polymarket

Thanks to renewed interest from Wall Street investors and a large group of new buyers between $60,000 and $70,000, Bitcoin was able to climb out of the slump over the past two months. With a gain of around 25% since that famed $60,000 low, the end of crypto winter seems to be in sight, but what is particularly striking this time is that the rise is proceeding very slowly.

On forecasting site Polymarket, investors estimate the chance of Bitcoin reaching $85,000 before the end of May at around 56%, but the chance of $90,000 at only 23%.

This suggests once again that expectations are focused on a gradual rise rather than a rapid breakthrough.

Geopolitical influences also continue to play a very significant role.

On the other hand, the fact that Bitcoin is trading at $80,000 again while oil is still well above $100 per barrel is very positive. Gold has performed considerably less well over the last few weeks.