As the second half of the year approaches, markets are predicting that Bitcoin (BTC) is likely to trade near its current levels.
Notably, Bitcoin has regained bullish momentum as investors have reacted positively to the easing of geopolitical tensions in the Middle East.
The cryptocurrency is now targeting the $110,000 resistance level. At press time, Bitcoin was trading at $107,346, up nearly 0.5% in the past 24 hours and 3.5% over the past week.
On the prediction front, traders on Polymarket, a crypto-based forecasting platform, are betting that Bitcoin will likely trade above $108,000 on July 1. Current market data assigns a 40% chance of BTC closing the day above that level, making it the single most probable outcome.
Probability estimates have shifted slightly in recent days. The odds for the $108,000 and above bracket have risen by about 5% compared to earlier in the week.
The data shows a distribution of likely outcomes for July 1. After the $108,000 mark, the next most probable range is close between $106,000 and $108,000, with a 29% chance.
Other ranges trail behind, with $104,000 to $106,000 at a 20% chance, $102,000 to $104,000 at a 9% chance, and below $102,000 given just a 3% chance.
If Bitcoin reclaims the $108,000 level, it could pave the way toward a new all-time high, possibly as early as next week, according to some analysts.
For instance, on June 28, analyst Ted Pillows noted in an X post that Bitcoin appears to be entering a Wyckoff accumulation phase, which has historically preceded major rallies.
His analysis projects a move toward $176,000 in the coming months, supported by bullish macroeconomic factors, including U.S. stocks hitting record highs, rising global M2 liquidity, and renewed confidence following recent U.S. trade deals.
He noted that key technical levels to watch include $106,220 (an accumulation zone) and $125,200 (a breakout threshold). Therefore, sustaining price action above these levels could trigger a significant rally.
