Bitcoin now has a 7% chance of hitting $ 20,000 in the next 2 months

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Bitcoin (BTC) has a 7% chance of surpassing its all-time high of $ 20,000 by the end of this year, data shows.

According to data from on-chain analytics resource Skew, Bitcoin options moved in favor of higher prices as of October 22, which continued into 2020.

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“Quickly re-evaluate” BTC odds

At press time, the probability that BTC / USD would be $ 20,000 or more by December 31, 2020 was 7% compared to 11% at $ 18,000.

Through March 2021, further bets indicated that Bitcoin would have reclaimed $ 20,000 (14%), while the value for June 2021 was 18%.

On social media, Skew said that after Bitcoin hit $ 13,200, the probability data would “quickly revalue”.

Bitcoin options price chart. Source: Skew

As Cointelegraph reported, sentiment among institutional investors remains upward despite the higher price level. For example, the CME Group’s most recent report on Traders’ Commitments (COT) showed that the institutions were mostly long rather than short BTC.

On Wednesday, statistician Willy Woo noted that investors looking to long-term coin storage had removed huge amounts of liquidity from speculative areas. Woo described the event, which involved BTC 250,000 ($ 3.24 billion), as the “mother of all shovels”.

“Where did the supply come from? 250,000 coins (USD 2 billion + USD) were withdrawn from the speculative stocks on the spot exchanges in HODL, ”he tweeted.

“This is where the supply from before comes, and it was the mother of all shovels. Earlier bulls’ runs were powered by tiny, tiny shovels.”

A thoroughly organic pump

The organic nature of the behavior that led to the price hike has not gone unnoticed. For Charles Edwards, founder of the digital asset manager Capriole, this was a unique phenomenon in the twelve-year lifespan of Bitcoin.