Bitcoin‘s price is surging, with forecasts pointing to a six-figure valuation by the end of 2024. Prediction platforms and market activity signal a high likelihood of Bitcoin breaking its psychological $100,000 barrier, possibly reaching new heights.
Prediction Markets Bet on Six Figures
Data from Kalshi, a popular betting platform, suggests an 85% probability of Bitcoin surpassing $100,000 by 31 December 2024. Notably, there’s a 9% chance of the price exceeding $150,000 and an outside possibility of hitting $250,000. Kalshi’s median forecast predicts Bitcoin will end the year at around $125,000.
“The markets are pricing in a breakout rally above $100,000,” noted The Kobeissi Letter, predicting a potential $2.5 trillion market cap for Bitcoin by New Year.
Bitcoin’s Strong Performance in Q4
Bitcoin’s value has skyrocketed nearly 55% in Q4 alone, with November gains accounting for 40%. These figures rival the stellar performance of late 2023. Despite expectations for a pullback, BTC continues its upward trajectory without significant corrections.
ETFs Driving Demand Amid Sell Pressure
The surge is fueled by institutional inflows, with Bitcoin ETFs absorbing over 90% of sell-side pressure from long-term holders (LTH). On-chain analytics firm Glassnode highlighted that ETF inflows have been instrumental in maintaining price momentum.
However, unrealized profits among LTHs are leading to increased sell-offs, which may temporarily temper the rally. U.S. Bitcoin ETFs recently recorded their strongest inflows since inception, with total assets under management surpassing $100 billion.
$100K: The Key Psychological Barrier
Bitcoin’s all-time high remains unbroken, but the $100,000 level is seen as a pivotal psychological threshold. As institutional and retail investors alike fuel demand, analysts maintain that it’s a question of when—not if—Bitcoin will achieve this milestone.
With markets anticipating a strong finish to the year, Bitcoin’s ascent to six figures seems increasingly within reach, setting the stage for a landmark 2025.
