Bitcoin (BTC) rose to $93,905 in the early hours of this morning, setting a new all-time high (ATH). It is currently quoted at $92,337, up 1.83% in the past 24 hours. As a result, the probability of BTC reaching $95,000 in November has also increased significantly on Polymarket, fueling optimism among enthusiasts closely tracking Bitcoin Price Prediction trends.
The Bitcoin Trend
The market cap for BTC has risen by 1.8%, now standing at $1.83 trillion. However, the 24-hour market volume has decreased slightly by 0.2%, settling at $74.94 billion. Notably, BTC has once again surpassed petroleum giant Saudi Aramco to claim the seventh position among the most valued assets globally.
The Simple Moving Average (SMA) for 10 days indicates a “Buy” action. Meanwhile, the Relative Strength Index (RSI) stands at 76, signaling a “Sell” action and suggesting an overbought position, which may imply a potential correction in the future. However, such indicators are often atypical of a bullish and strong BTC market.
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The sudden jump in BTC’s price, despite an already strong market over the past week, resulted from multiple factors: all eyes are on Trump as he considers several pro-crypto contenders for the role of SEC chairman, increasing ETF inflows, the consideration of Bitcoin as a national reserve asset in the U.S. and even Poland, and institutions continuously pouring funds into holding BTC.
Regarding BTC exchange-traded funds (ETFs), the daily net inflow as of November 19 reached a remarkable $344.18 million, reflecting renewed interest from traditional investors.
With the bullish trend evident in Bitcoin’s performance, bettors on prediction markets like Polymarket have weighed in. As a result, the probability of BTC reaching $95,000 in November has climbed to 79%, up from 63% on November 18 when Bitcoin was hovering around $89,000.
On another market prediction platform, Kalshi, users are speculating on how high BTC will go this week. Currently, 84% believe BTC will reach $94,000 and above, 67% predict it will surpass $95,000, and 64% anticipate it climbing to $96,000 or higher.
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Also Read: Is Bitcoin Set to Break $100K? Key Levels to Watch Now
