Polymarket and Ex PayPal Chief See $1.3M BTC

• Bitcoin trades near $122,000, consolidating after rejection at $124,000 while holding key $118K support.
• On-chain flows show $39.5M outflow, signaling light accumulation as traders balance profit-taking with long-term positioning.
• Market sentiment lifted by David Marcus’ $1.3M Bitcoin forecast and Polymarket’s 79% odds for $130K this year.

Bitcoin price today trades around $122,000, slipping slightly after rejection at the $124,000 ceiling. The move follows a sharp rebound from $110,000, with buyers now defending the $118,000–$119,000 zone supported by the 20-day EMA.

Bitcoin Price Tests Resistance At $124,000

Bitcoin remains locked in a consolidation range after failing to clear resistance near $124,000. The chart shows a broad ascending structure, with the top of the channel aligned with this ceiling. Support sits at $118,587, while the next major defense levels are $116,000 and $113,500 along the 50- and 100-day EMAs.

A break above $124,000 would confirm bullish continuation toward $128,000–$130,000. RSI has cooled from overbought readings, and MACD lines are flattening, hinting at a pause before the next move.

On-Chain Data Shows Light Accumulation

Coinglass data shows a $39.5 million net outflow on October 9, signaling light accumulation after a week of mixed activity. The current pace is far below the September highs when outflows exceeded $100 million, suggesting that short-term traders are taking profits while long-term holders continue to accumulate.

Related: PancakeSwap (CAKE) Price Prediction 2025–2030: Can Deflationary Tokenomics Drive Growth?

Despite reduced volume, Bitcoin price action remains stable above its breakout zone. Alternating inflows and outflows reflect a cautious market mood, but overall, supply leaving exchanges supports the medium-term bullish view.

Market Confidence Strengthened By Bold Predictions

Optimism surged after former PayPal president David Marcus predicted on Bloomberg that Bitcoin could reach $1.3 million, calling it “the internet of money.” His comments have fueled long-term confidence among fintech investors, reinforcing the narrative that institutional adoption remains in early stages.

Meanwhile, Polymarket data shows traders assigning a 79% probability of Bitcoin surpassing $130,000 by year-end, with 33% odds for $150,000 and rising speculative bets for $170,000. These probabilities mirror the conviction that the broader uptrend is intact even as price consolidates.

Outlook. Will Bitcoin Go Up?

The immediate question is whether buyers can reclaim $124,000 before momentum fades. Bitcoin price today is consolidating, with on-chain data still favoring outflows and long-term accumulation. Sentiment remains optimistic, driven by macro forecasts and institutional commentary.

Related: Dogecoin Price Prediction: DOGE Holds $0.25 as CleanCore Buys 710M Coins

If buyers defend $118,000, Bitcoin could retest $124,000 and break toward $130,000. Below $118,000, focus shifts to $113,000–$108,000. The market remains structurally bullish, with consolidation likely to precede another breakout attempt later this month.