Bitcoin Traders Bet on $91K as 'Uptober' Looms
Bitcoin's recent price action has traders wondering how high it will go in October. Historically, the top crypto asset by market cap has performed well during the month, averaging gains of more than 18% and positive returns in 10 out of 13 years, according to data from CoinGlass.
This phenomenon has earned October a nickname among crypto traders: 'Uptober.' But how might Bitcoin fare this year? Traders on Kalshi are forecasting $91,000, with odds for it exceeding that marker trading at 52% as the month begins.
Bitcoin is currently trading around $84,000 after surging above $86,000 just over a week ago. However, momentum has stalled due to increased treasury yields and a strengthening US dollar, which could diminish demand for Bitcoin in the near-term.