Data from the betting platform Kalshi indicates that there’s an impressive 85% chance of Bitcoin hitting the $100,000 mark before 2024 draws to a close.
Market Predictions
Although Bitcoin has not yet reached the coveted $100,000 threshold, many analysts assert that it’s only a matter of time rather than an unattainable goal.As per Kalshi’s latest data, the likelihood of BTC/USD surpassing $100,000 by December 31 is set at 85%.
There’s also a 9% probability of it climbing to $150,000, and an even smaller chance, around 1%, of hitting $250,000.
Overall, Kalshi’s median projection suggests a Bitcoin price of $125,000 by early 2025. The Kobeissi Letter, a trading publication, points out that prediction markets are adjusting to reflect the growing likelihood of Bitcoin eclipsing the $100,000 mark, describing the current projections as remarkable.
They also mentioned that Bitcoin’s market cap might reach an impressive $2.5 trillion by the start of the new year.
Recent Trends in Value
Bitcoin’s value has experienced a significant growth spurt in November, surging nearly 40%, and its quarterly rise has been an astounding 55%, making this period comparable to the profitability seen in the last quarter of 2023, according to CoinGlass.Following Bitcoin’s breakout past its previous all-time high in March, the currency has enjoyed substantial increases with minimal consolidation or necessary support testing.
While some traders anticipate a pullback to solidify gains, the current indicators do not suggest any slowdown.
The $100,000 level continues to be a major psychological milestone for investors. Recent reports from Cointelegraph reveal a noteworthy uptick in institutional interest, with substantial inflows competing against long-term holders who are aggressively selling their assets.
On-chain analytics firm Glassnode has observed that various Exchange-Traded Funds (ETFs) have absorbed much of the selling pressure from these long-term holders, alleviating over 90% of it.
However, as unrealized profits grow more extreme, analysts expect an increase in spending from long-term holders, which is presently outpacing ETF inflows.
Institutional Interest Growth
During the week ending November 22, U.S.-based ETFs achieved their most successful inflow period since their inception, with total assets under management surpassing $100 billion.This surge reflects a growing confidence in Bitcoin’s future amidst the shifting market dynamics. “`html
Source: Cointelegraph.com
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