Bitcoin (BTC), which is the most popular cryptocurrency in the world, reached new highs recently. Users of the crypto betting website Kalshi predict that Bitcoin will reach new levels. $100,000 milestone Before the end of 2020.
The latest data On the event-contract market, users predict that Bitcoin will reach its milestone in January. 45% of them believe this could happen as soon as this November.
Analysts Predict Bitcoin Price to Reach Six Figures by Year’s End
Kalshi is a new betting platform that launched in 2020. Users can bet on a variety of outcomes such as economic data release and election results.
It gained a great deal of attention due to the legal fight it had with the Commodity Futures Trading Commission. This led to US citizens being allowed to take part in betting markets on the US presidential elections.
The US presidential election On November 5, Bitcoin surged by more than 28 percent. Election results have been seen as positive for cryptocurrency, particularly with Donald Trump’s support of the industry and hints at favorable regulation.
Related Reading
Mike Colonnese, an analyst at H.C. Wainwright, commented on current market conditions. He stated: “Strong positive sentiment will likely persist throughout 2024 and Bitcoin prices could reach six figures by the end this year.”
Further, the analyst noted that Bitcoin was now entering a phase where it is gaining momentum. “price discovery” Breaking through its all-time highs Early Wednesday morning after the announcement of Trump’s victory in the election.
He suggests that the combination of regulatory optimism and market excitement could help BTC to continue on its upward path, attract new investors, and solidify its position in the financial world by 2024.
UBS Warns Historical Volatility
Although betting markets and investors have set their sights on BTC hitting $100,000, Wall Street analysts are warning about the “speculative” Nature of cryptocurrency
Solita Marcelli is the chief investment officer of UBS Global Wealth Management for Americas. She emphasized that point during a recent interview. note to clients On Tuesday,
“We continue to view crypto assets as a speculative trade rather than a strategic investment in portfolios,” “She said. Marcelli expressed his skepticism about digital assets’ potential to be disruptive in real world applications. He noted that they tend to increase the volatility of portfolios.
UBS noted that Bitcoin’s value has dropped by 70% in three separate instances since 2014 and recovered on average within three years.
Related Reading
Other than that, let’s take a positive tone. cryptocurrencies The market was up on Wednesday. Ethereum (ETH), Solana, and Dogecoin all experienced gains on Wednesday.
Dogecoin’s price surged significantly after Trump announced Elon Musk of Tesla, and Vivek RAMASWAHY (former Republican presidential candidate) would lead a newly created cryptocurrency. “Department of Government Efficiency,” DOGE is a cleverly abbreviated term.
Crypto-related stocks did not, however, follow suit. bullish trend Bitcoin. Coinbase (COIN), Robinhood (HOOD), and other stocks have taken a rest after recent rallies. Coinbase fell by about 2% in Wednesday’s trading, while Robinhood remained largely unchanged.
BTC is down from its new high of 93,000 dollars on Wednesday to $90350. This still represents a 20% gain on the previous week.
Chart from TradingView.com, image courtesy of DALL-E
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.newsbtc.com
