The price of Bitcoin (BTC) has staged a significant recovery, climbing back above the $70,000 mark after a recent dip to $60,000. This rebound has swiftly reshaped sentiment in prediction markets and among analysts, with new forecasts suggesting a potential rally toward $85,000.
According to data from the prediction marketplace Polymarket, there is now a 49% probability priced in for Bitcoin to reach $75,000 by the end of February. Other price level probabilities for the month include a 22% chance for $80,000, an 11% chance for $85,000, and a 35% chance for a drop back to $60,000.
Analysts point to two primary factors that could fuel a further rally. First, on-chain data indicates renewed accumulation by Bitcoin whales, defined as addresses holding over 1,000 BTC. The number of these whale addresses has increased by 50 in recent weeks, signaling strong institutional or high-net-worth investor interest despite retail trader hesitancy.
The second catalyst is a technical gap in the Bitcoin CME Futures chart between $79,000 and $85,000. Historically, such gaps in the CME futures market have been filled, leading analysts to project a move toward the $85,000 level. Bitcoin's price action is currently forming what some interpret as a bull flag pattern following the sell-off to $60,000.
However, the market backdrop remains cautious. Bitcoin's aggregate Open Interest (OI) across derivatives exchanges has fallen sharply from over $90 billion in October 2025 to approximately $45.7 billion, reflecting reduced leveraged betting and fueling bearish sentiment. Furthermore, a palpable fear of a deeper market capitulation, reminiscent of the 2022 bear market, persists among a segment of traders.
