Bitcoin ‘wild’ odds see 85% chance of BTC price above $100K by New Year

Bitcoin (BTC) can finish the year at $125,000 or more, prediction markets say, as bulls keep up pressure on six figures.

Data from betting platform Kalshi suggests an 85% chance of a $100,000 BTC price before the end of 2024.

BTC price faces “wild” $127,000 forecast

Bitcoin may not have cracked the $100,000 mark yet, but consensus overwhelmingly says that it is a matter of “when,” not “if.”

According to live figures from Kalshi, the odds of BTC/USD being at $100,000 or higher on Dec. 31 currently stand at 85%.

There is even a 9% chance that the pair will crack $150,000 in that time, along with an outside bet of $250,000 or higher.

All in, Kalshi’s median forecast sees a $125,000 BTC price tag becoming a reality by the new year.

“It seems that prediction markets are beginning to price-in a potential breakout rally above $100,000,” trading resource The Kobeissi Letter responded on X, calling the numbers “wild.”

Kobeissi noted that Bitcoin’s market cap may end up at $2.5 trillion by Jan. 1.

Bitcoin ETFs battle profit-takers

Bitcoin is already up nearly 40% in November and 55% in Q4 overall, making this year almost as lucrative as the last quarter of 2023, per data from monitoring resource CoinGlass.

Related: Bitcoin metric breakout teases ‘inevitable’ 90% BTC price rally next

Rampant BTC price gains have barely seen consolidation or support retests since Bitcoin broke through its old all-time high set in March.

While some argue that a retracement should come next to shore up potential future upside, the market has yet to provide any signs of slowing.

$100,000 remains Bitcoin’s most significant psychological barrier.

As Cointelegraph reported, mass inflows from institutional investors are vying with long-term holders distributing coins hodled for years.

“The ETFs have played a key role, absorbing over 90% of sell-side pressure by Long-Term Holders,” onchain analytics firm Glassnode wrote in the latest edition of its weekly newsletter, “The Week Onchain.”

“However, as unrealized profits reach more extreme levels, we can expect more LTH spending, which in the immediate term has outpaced ETF inflows.”

The United States ETFs saw their most successful week’s inflows since launch in the five trading days through Nov. 22. Total assets under management now stand at more than $100 billion.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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