Bitcoin Expected To Hit $100,000 Before 2025, According To Kalshi Data
2024年11月14日 - 10:30AM
NEWSBTC
Bitcoin (BTC) has hit new highs in recent days, with many users of
crypto betting site Kalshi predicting that the largest
cryptocurrency on the market could hit the $100,000 milestone
before the end of 2024. According to recent data from the
event contract market, 60% of users believe Bitcoin will hit this
milestone before January, while 45% are betting it could achieve
this level as early as November. Analyst Predicts Six-Figure
Bitcoin Prices By Year-End Kalshi, which launched in 2021, allows
users to bet on various outcomes, including economic data releases
and election results. The platform gained significant
attention this year due to its legal battle with the Commodity
Futures Trading Commission (CFTC), which ultimately led to US users
being allowed to participate in betting markets for the
presidential election. Since the US presidential election on
November 5, Bitcoin has surged more than 28%. The election outcome
has been viewed as bullish for cryptocurrencies, especially with
President-elect Donald Trump expressing his support for the
industry and hinting at more favorable regulations. Related
Reading: Justin Drake Unveils ‘The Beam Chain’: A Vision For
Ethereum Final Design Analyst Mike Colonnese from H.C. Wainwright
commented on the current market conditions, stating: Strong
positive sentiment is likely to persist through the balance of
2024, and we see Bitcoin prices potentially reaching the six-figure
mark by the end of this year. The analyst further noted that
Bitcoin is now in a phase of “price discovery” after breaking
through its all-time highs early last Wednesday morning, following
the official announcement of Trump’s election victory. This
combination of market enthusiasm and regulatory optimism, he
suggests, could see BTC continue its upward trajectory, attracting
new investors and cementing its place in the financial landscape by
the end of 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. Solita Marcelli,
chief investment officer for the Americas at UBS Global Wealth
Management, emphasized this point in a note to clients on
Tuesday. “We continue to view crypto assets as a speculative
trade rather than a strategic investment in portfolios,” she
stated. Marcelli expressed skepticism regarding the potential for
digital assets to make significant inroads into disruptive
real-world applications, noting their propensity to increase
portfolio volatility. UBS highlighted that since 2014, Bitcoin has
experienced three major drawdowns exceeding 70%, with an average
recovery period of three years. Related Reading: Analyst Warns Of
10% Bitcoin Price Drop Ahead Of CPI Data On a more positive note,
other cryptocurrencies saw gains on Wednesday. Ethereum (ETH),
Solana (SOL), and even Dogecoin (DOGE) experienced upward
movement. Dogecoin surged notably after Trump announced that
Tesla CEO Elon Musk and former Republican presidential candidate
Vivek Ramaswamy would head a newly formed “Department of Government
Efficiency,” cleverly abbreviated to DOGE. However, crypto-related
equities did not follow the bullish trend of Bitcoin. Stocks like
Coinbase (COIN) and Robinhood (HOOD) took a breather after recent
rallies, with Coinbase shares down about 2% on Wednesday, while
Robinhood remained relatively unchanged. After hitting a new
all-time high of $93,000 on Wednesday, BTC has come back down to
the $90,350 level, yet, still up 20% on the week. Featured
image from DALL-E, chart from TradingView.com
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