Bitcoin now has a 7% chance of beating $20K highs in the next 2 months

Bitcoin has a 7% probability of beating its $20,000 all-time highs by the end of this year, data shows.

According to data from on-chain analytics resource Skew, as of Oct. 22, Bitcoin options were moving in favor of higher prices continuing in 2020.BTC odds "Repricing quickly".

By March 2021, more bets said that Bitcoin would have reclaimed $20,000, while the figure for June 2021 was 18%. On social media, Skew said that the probability data was "Repricing quickly" in the aftermath of Bitcoin hitting $13,200.

As Cointelegraph reported, the mood among institutional investors remains skewed to the upside despite the higher price levels.

"Where did the supply come from? 250k coins have been scooped off the speculative stock on spot exchanges into HODL," he tweeted.

"This is where the supply has come from thus far, and it was the mother of all scoop ups, previous bull runs were powered by iddy biddy tiny scoops."A thoroughly organic pump.

The organic nature of the behavior which led to the price rise has not gone unnoticed.

For Charles Edwards, founder of digital asset manager Capriole, this was a unique phenomenon in Bitcoin's twelve-year lifespan.

"This pump is organically spot driven. There is almost no order book resistance," he tweeted on Thursday.

Bitcoin futures trading volume has also nearly tripled in the past two days compared to levels seen earlier this month as the price of Bitcoin overcame $12,000.