Bitcoin Predictions Soar as Market Eyes $100,000 by Early 2025

Optimism for Bitcoin's future grows, with an 85% chance of reaching $100,000 by December 2024 and significant institutional interest reflected in ETF inflows exceeding $100 billion.

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Optimism surrounding Bitcoin’s future is on the rise, with predictions suggesting that the cryptocurrency could soar to a six-figure price by early 2025, despite facing some selling pressures. 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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