Bitcoin Eyes Historic $120K Breakout as Bullish Bets Surge

Bitcoin (BTC) came within striking distance of the $120,000 milestone on Sunday, setting a new all-time high of $119,444 on the Bitstamp exchange. Despite retreating slightly to $118,789, the leading cryptocurrency continues to show strong momentum, needing only a 1% gain to cross the long-awaited psychological threshold.

Bitwise President Teddy Fusaro highlighted the significance of Bitcoin reaching this new peak while traditional financial markets were closed, calling it a clear signal of the “digital era” on social media platform X.

Market sentiment suggests bullish expectations remain high. According to Polymarket, there is a 99% probability that Bitcoin will close in the green on July 13, with a growing 36% chance it will hit $120,000 before July 14. This marks a significant rise from just hours earlier when the odds stood at only 13%.

The likelihood of Bitcoin reaching $125,000 today remains low at 2%, but long-term sentiment is overwhelmingly positive. A striking 88% of bettors believe BTC will break $120,000 at some point this month. Additionally, 25% see a path toward $130,000, while a small yet optimistic 2% predict a massive rally to $150,000 by the end of July.

Bitcoin's latest rally, up over 1,700% from previous lows, continues to capture global attention. Traders and investors are closely watching as BTC attempts to rewrite the record books once again, fueled by rising institutional interest, macroeconomic uncertainty, and increased mainstream adoption.

As the crypto market heats up, all eyes are on whether Bitcoin can finally claim the $120K crown—and possibly beyond—in the coming days.