Bitcoain (BTC) has reached new heights, with significant predictions from Kalshi data suggesting it might hit $100,000 by the end of 2024. Recent predictions indicate 60% believe in reaching the milestone before January, and 45% as early as November. Market enthusiasm continues to grow with Bitcoin experiencing ongoing price discovery.
Kalshi, a betting platform launched in 2021, allows users to bet on events like economic releases and elections. Its legal battle with the CFTC resulted in US users participating in betting markets for the presidential election. Bitcoin's price increased more than 28% since the election.
The election outcome is seen as favorable for crypto markets, raising optimism with President-elect Donald Trump hinting at supportive regulations. Analyst Mike Colonnese sees positive sentiment potentially pushing Bitcoin to six figures by year-end.
However, Wall Street analysts including UBS warn of the speculative nature and historical volatility of cryptocurrencies. UBS highlighted Bitcoin's history of significant drawdowns, emphasizing its impact on portfolio volatility.
Despite the volatility warnings, other cryptocurrencies have gained momentum. Ethereum, Solana, and Dogecoin experienced upward movement, with Dogecoin seeing a notable increase. However, crypto-related equities like Coinbase and Robinhood did not follow the bullish trend and showed mixed results.
