Bitcoin’s price is gaining momentum, with prediction markets signaling an 85% chance of the cryptocurrency crossing the $100,000 mark before the end of 2024. According to data from Kalshi, there is also a 9% chance Bitcoin could surge past $150,000, and a small possibility of reaching as high as $250,000. The median forecast for Bitcoin by year-end stands at $125,000.
Bitcoin has surged nearly 40% in November alone, with a 55% increase in Q4, making this year’s performance comparable to the final quarter of 2023. This rally comes amid increasing institutional inflows and long-term holders distributing coins that have been held for years. Bitcoin ETFs have absorbed over 90% of the sell-side pressure, further fueling the bullish sentiment.
Despite nearing the psychological $100,000 barrier, Bitcoin has shown strong upward momentum, and analysts believe a breakout rally above $100,000 is imminent. This growth is backed by institutional demand, favorable market conditions, and optimistic regulatory signals, particularly after Donald Trump’s victory in the 2024 U.S. Presidential Election, which has also contributed to the surge in investor confidence.
The key question remains: Will Bitcoin hit $100,000 by year-end, or will sell-side pressure and potential consolidation push the price lower before a new rally? Only time will tell, but the forecast for Bitcoin’s price trajectory remains overwhelmingly bullish.
Source: Cointelegraph
