The chances of the bitcoin price reaching five figures within the next six months are growing slimmer by the day. Based on the current value of BTC options, cryptocurrency analysis firm Skew Markets has disclosed that the odds of bitcoin exceeding the $10,000 mark by September are now just 4.6 percent.
Additionally, the probability of bitcoin reaching slightly lower price targets are not that great either. For instance, the probability of bitcoin reaching $8,000 by September is slightly under 10 percent.
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The odds, however, more than double with regards to bitcoin reaching $6,000 by September, though that also means there’s an 80 percent chance bitcoin won’t hit that target.
BITCOIN PRICE STRUGGLES TO CLEAR $4,000
Currently, bitcoin is trading in the $3,950 – $4,000 range after having briefly broken the $4,000 resistance level over the weekend.
The cryptocurrency’s breaking of the resistance level came amidst rising volumes. This month saw five days record daily volumes of more than $10 billion according to analyst Kevin Rooke:
“Bitcoin’s daily exchange volume is booming. Volume has increased by ~150% in the last 5 months. Average daily volume hasn’t been this high since Jan 2018. Only 9 days in the last 12 months had $10B+ in volume. 5 of those days have been in March 2019.”