As Bitcoin hovers around $99,634, traders and experts remain divided on its trajectory, with Polymarket data showing limited belief in reaching $200,000 by February’s end.
By Godfrey Benjamin
Edited by Marco T. Lanz
Updated
3 mins read
The price of Bitcoin BTC $84 392 24h volatility: 1.8% Market cap: $1.67 T Vol. 24h: $24.85 B is on a less straightforward journey. With the market’s volatility rising, many are turning to prediction platforms like Polymarket to make their bets. The focus is on where the price of the leading cryptocurrency will be by the end of February.
Some traders are confident Bitcoin could reach an all-time high of $200,000 by the end of the month. This optimism persists despite macroeconomic challenges pressing down on the asset.
Polymarket is a prediction platform that allows traders to place bets on future events. As reported by Coinspeaker, despite its successes, the platform has drawn the attention of regulators, leading to global scrutiny.
This came after Polymarket gained prominence for predicting the launch of the Exchange Traded Fund (ETF) and the outcome of the recent US presidential election. Its accuracy in these events fueled its rise in popularity.
On Polymarket, the big question gaining traction is whether Bitcoin will reach $200,000 by February 28, 2025. Currently, most people are focused on lower targets, making $200,000 seem unlikely in the short term.
The “yes” market, where traders bet Bitcoin will hit $200,000, has 1% adoption. While the “no” market, betting against it, has much more interest. Per the details, 48% of the traders chose the coin to hit $110,000, with 41% projecting a 41% low.
While these projections tend to change regularly, the odds are stacked against BTC price breaching $200,000.
As it stands, Bitcoin is under considerable pressure, trading at $99,634 at the time of writing. It has faced downward movement recently, recovering slightly by 3.05% in the last 24 hours after a 2.8% decrease on the weekly chart.
The United States’ decision to implement tariffs on major trading partners like Canada, Mexico, and China is a key factor in this uncertainty. As noted by Coinspeaker, this move has stirred concerns over rising inflation and the potential strain on global trade.
This geopolitical turmoil has directly impacted Bitcoin’s price, causing large capital outflows. As a result, the asset has lost the crucial $100,000 support level.
While Bitcoin struggles to stay above key support levels, there are promising signs for a potential rebound. The technical indicators provide a glimpse of hope for the bulls. The golden cross pattern suggests possible growth, with conservative models predicting Bitcoin could reach $104,000 by February 28.
However, some experts are more optimistic. For instance, Gert van Lagen sees even bigger gains ahead, with a potential surge to $270,000. Currently, Bitcoin is breaking off from the $99,000 price level.
The market’s uncertainty has kept prices down, but some signs suggest a breakout could be coming. Analyst Axel Adler recently pointed out that Bitcoin is in a “zone of confidence.” This means the digital currency is not in a bubble and still has room to grow.
Some experts see $106,000 as the next big challenge. If Bitcoin breaks through, it could rise to $120,000 this month, as Coinspeaker reported earlier. The big question is whether it can reach $200,000 by the end of February.
Given the market dynamics and the recent challenges Bitcoin has faced, reaching $200,000 by the end of February seems unlikely per many indices. However, the unique nature of the crypto market means that surprises are always possible.
Recently, Matt Hougan, Bitwise CIO, suggested that Bitcoin’s historical four-year cycle might change soon. This could be fueled by President Donald Trump’s recent Executive Order and the growing institutional interest in digital assets.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
