Zinger Key Points
- Kalshi bets on Bitcoin reaching a monumental $125K by New Year's Eve, hinting at a crypto market rally.
- ETFs absorb selling pressure, powering Bitcoin's potential surge with over $100 billion assets under management.
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Bitcoin BTC/USD, the world’s largest cryptocurrency by market cap, could potentially hit a staggering $125,000 by the end of this year.
What Happened: According to predictions by betting platform Kalshi, an 85% probability of Bitcoin reaching $100,000 by the close of 2024. The data also suggests a possibility of Bitcoin’s price surpassing $125,000 by year’s end.
The platform even sees a 9% chance of Bitcoin breaking the $150,000 mark, with an outside bet of it soaring to $250,000 or more.
Despite Bitcoin not yet breaching the $100,000 mark, the consensus among experts is that it’s a question of “when,” not “if.”
Bitcoin has already witnessed a nearly 40% surge in November and a 55% rise in Q4 overall, making this year almost as profitable as the last quarter of 2023.
Also Read: Here’s How A Bitcoin Whale Nets $179M From A $120 Investment
As per the report, Exchange-Traded Funds (ETFs) have played a pivotal role, absorbing over 90% of sell-side pressure from Long-Term Holders.
The U.S. ETFs recorded their most successful week’s inflows since their inception in the five trading days through Nov. 22. Total assets under management now exceed $100 billion.
Why It Matters: The bullish forecast for Bitcoin comes at a time when the cryptocurrency market is experiencing unprecedented growth.
The potential for Bitcoin to reach these high price points is indicative of the increasing acceptance and adoption of cryptocurrencies.
ETFs, in particular, have been instrumental in driving this growth, providing a more accessible and regulated means for investors to gain exposure to Bitcoin.
As more investors turn to Bitcoin as a store of value and hedge against inflation, the upward trajectory of its price is likely to continue.
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