Bitcoin Surges Past $80,000 as Traders Bet on $85,000 September Peak

Bitcoin's price surged above $80,000 on Friday, marking a significant jump of over 5% in the last 24 hours. The top cryptocurrency by market cap has been on the move again, with traders repricing their expectations for BTC's high this month.

Kalshi's market is now forecasting a September peak of $85,000, up from earlier odds of just 10%. This represents a significant jump of over 30% in just one day. Even bigger leaps, like a price above $90,000, are also being considered, though much less likely, with odds of only 13%.

September is typically one of Bitcoin's weakest months, delivering returns of -3% on average since 2013, according to CoinDesk. However, the current rally suggests that this trend may not hold.