Bitcoin Bulls Eye Six Figures as Prediction Markets Bet on $125K Finish for 2024

Bitcoin (BTC) may be trading just below its historic highs, but prediction markets are buzzing with optimism. According to betting platform Kalshi, there’s an 91% chance BTC will hit $100,000 or higher before the end of 2024.

Even more boldly, the median forecast suggests a price tag of $125,000 by New Year’s Eve, with a slim chance (9%) of breaking through $150,000—and an outside shot at $250,000.

Source: Kalshi

Bitcoin’s current trajectory suggests the $100K milestone is more of a question of “when” rather than “if.” Kalshi’s data shows overwhelming confidence in a six-figure finish, as traders and analysts anticipate a breakout rally.

Source: Brave New Coin Bitcoin Liquid Index

Bitcoin’s Meteoric Rise in Q4

Bitcoin’s November rally is already turning heads. The cryptocurrency is up nearly 40% for the month and 55% for Q4 overall, putting 2024 on track to mirror the late-2023 surge, according to CoinGlass. The rally has been relentless, with minimal pullbacks or support retests since Bitcoin reclaimed its all-time highs from March.

While some analysts call for a retracement to stabilize the market, Bitcoin continues to defy expectations. The psychological $100K barrier remains the next major milestone, but bullish momentum is building fast.

Institutional Inflows and ETF Frenzy

The growing optimism around Bitcoin is driven in part by institutional demand. Bitcoin exchange-traded funds (ETFs) have absorbed 90% of selling pressure from long-term holders (LTHs), according to Glassnode’s “The Week Onchain” report. This trend indicates that ETFs are acting as a key market stabilizer, even as long-term holders begin to take profits.

ETF inflows have surged, with the United States Bitcoin ETFs experiencing their best week of inflows to date. Total assets under management for these funds now exceed $100 billion, reflecting institutional confidence in Bitcoin’s future.

As 2024 draws to a close, all eyes are on Bitcoin’s next move. Will it break through $100,000 and reach the lofty heights forecasted by prediction markets? With institutional inflows and bullish sentiment at record levels, the stage is set for Bitcoin to potentially redefine its upper limits.