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 price odds as of Nov. 23 (screenshot). Source: Kalshi
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…..
