Bitcoin Expected To Hit $100,000 Before 2025, According To Kalshi Data

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As a seasoned researcher with extensive experience in the financial markets, I find myself intrigued by the latest developments in the cryptocurrency space, particularly Bitcoin (BTC). Having closely followed the crypto market since its inception, I’ve learned to expect the unexpected – and the current optimism surrounding BTC reaching $100,000 by the end of 2024 is no exception.

In the past few days, Bitcoin (BTC) has reached unprecedented peaks, and numerous cryptocurrency users on the platform Kalshi are wagering that this leading digital currency might surpass the $100,000 mark prior to December 31, 2024.

Based on the latest information from the bitcoin contract market, around 60% of users anticipate that Bitcoin might reach its target prior to January, and about 45% think it may even do so as soon as November.

Analyst Predicts Six-Figure Bitcoin Prices By Year-End

As a analyst, I’d say, “I’ve recently come across a platform called Kalshi, introduced in 2021. This innovative tool enables me to place wagers on a variety of scenarios, such as economic data unveilings and political election outcomes.

This year, the platform garnered considerable notice because of its legal dispute with the Commodity Futures Trading Commission (CFTC). This conflict eventually resulted in American citizens being permitted to engage in betting on the presidential election’s market.

Starting from the U.S. presidential election held on November 5, Bitcoin has experienced a significant jump of over 28%. This upward trend is largely attributed to the positive sentiment surrounding cryptocurrencies, with President-elect Donald Trump’s expressed support for the industry and hints towards potentially advantageous regulations.

According to analyst Mike Colonnese from H.C. Wainwright, it’s expected that a favorable market outlook will continue until the end of 2024. Moreover, he predicts that the value of Bitcoin could climb as high as six figures before the year is over.

The analyst also pointed out that Bitcoin has entered a period of “valuation determination” since surpassing its previous record prices around 4 AM on Wednesday, which followed the news of Donald Trump’s election win.

According to his viewpoint, this blend of investor excitement and positive regulatory outlook might lead Bitcoin to maintain its upward trend, capturing fresh investors and solidifying its position within the financial sphere by the year 2024.

UBS Warns Of Historical Volatility

Although betting markets and investors have set their sights on BTC  hitting $100,000, Wall Street analysts are warning about the “speculative” nature of cryptocurrencies. 

On Tuesday, Solita Marcelli, the Chief Investment Officer for the Americas at UBS Global Wealth Management, underscored this aspect in a letter to her clients.

She believes that cryptocurrencies are more about speculation than long-term investment. Marcelli is uncertain if digital assets can have a major impact on practical, disruptive technologies, pointing out that they tend to raise the risk level in portfolios.

UBS pointed out that since 2014, Bitcoin has gone through significant declines, more than 70% each time, and typically recovers within a span of about three years.

Moving forward, it’s worth noting that several other digital currencies registered growth on Wednesday. Specifically, we observed increases in the value of Ethereum (ETH), Solana (SOL), and even Dogecoin (DOGE).

The value of Dogecoin significantly increased following Donald Trump’s announcement that Elon Musk, the CEO of Tesla, and Vivek Ramaswamy, a former Republican presidential candidate, would lead a newly established department focused on government efficiency, humorously referred to as DOGE.

Contrary to Bitcoin’s surge in value, equities linked to cryptocurrencies didn’t follow the bullish trend. For instance, Coinbase (COIN) and Robinhood (HOOD) experienced a lull after their recent spikes. Specifically, on Wednesday, Coinbase shares dropped approximately 2%, whereas Robinhood’s stock remained fairly stable.

Following its record peak of $93,000 on Wednesday, Bitcoin has dipped slightly to around $90,350, but it’s still showing a 20% increase for the week.

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2024-11-14 04:34