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Odds of Bitcoin price soaring to a new all-time high are rising: Polymarket

Author: Content Editor
According to a recent Polymarket poll, 63% of participants believe that Bitcoin will reach a new record high this year. The odds of this happening have risen from 42% earlier this month. Bitcoin is currently trading at $63,840 and would need to rise by 15.6% to retest its all-time high of $68,777. Several factors could contribute to this potential surge, including the Federal Reserve's interest rate cuts and indications of further cuts to come, as well as economic data showing contraction and slipping consumer confidence. Additionally, institutional investors have been buying spot Bitcoin ETFs, while Bitcoin balances on exchanges have dropped. Furthermore, Bitcoin has avoided forming a death cross and has formed two bullish patterns, suggesting further upside potential.

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