Bitcoin Soars: Investors Bet on $100,000 Mark by End of 2024
The cryptocurrency market is abuzz with optimism, and investors are placing their bets on bitcoin reaching unprecedented heights. According to Kalshi, a popular event contract market, a staggering 60% of users believe bitcoin will surpass the $100,000 mark before January 2024. Moreover, 45% of users are wagering that the digital currency will reach this milestone by the end of this month.
Market Sentiment Shifts
The recent U.S. presidential election has been credited with boosting investor confidence in cryptocurrencies. President-elect Donald Trump’s stance on implementing favorable regulations has been seen as a positive development for the industry. As a result, bitcoin has rallied over 28% since the election, with its value rising more than 10% on Monday alone.
Expert Insights
Analysts are also bullish on bitcoin’s prospects. Mike Colonnese, an analyst at H.C. Wainwright, predicts that strong positive sentiment will persist through 2024, potentially pushing bitcoin prices into six-figure territory by the end of the year. “Bitcoin is now in price discovery mode after breaking through all-time highs,” he notes.
Kalshi: A Platform for Event Contract Trading
Kalshi, launched in 2021, offers traders a unique platform to bet on the outcome of events, including economic data releases and election results. The platform gained prominence this year for its legal battle against the Commodity Futures Trading Commission, which ultimately allowed betting markets for the presidential election to open to U.S. traders.
Bitcoin’s Meteoric Rise
As of Tuesday, bitcoin was trading at around $89,000, according to Coin Metrics. Its value has been on a tear, breaking through all-time highs early last week. With investor sentiment at an all-time high, it remains to be seen whether bitcoin will indeed reach the $100,000 mark by the end of 2024. One thing is certain, however – the cryptocurrency market is bracing for a wild ride.
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