BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\nAfter hitting a new all-time high of $93,000 on Wednesday, BTC has come back down to the $90,350 level, yet, still up 20% on the week.\u00a0<\/span><\/p>\nFeatured image from DALL-E, chart from TradingView.com\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"Bitcoin (BTC) has hit new highs in recent days, with many users of crypto betting site Kalshi predicting that the largest cryptocurrency on the market could hit the $100,000 milestone before the end of 2024.\u00a0 According to recent data from the event contract market, 60% of users believe Bitcoin will hit this milestone before January, while 45% are betting it could achieve this level as early as November. Analyst Predicts Six-Figure Bitcoin Prices By Year-End Kalshi, which launched in 2021, allows users to bet on various outcomes, including economic data releases and election results.\u00a0 The platform gained significant attention this year due to its legal battle with the Commodity Futures Trading Commission (CFTC), which ultimately led to US users being allowed to participate in betting markets for the presidential election.\u00a0 Since the US presidential election on November 5, Bitcoin has surged more than 28%. The election outcome has been viewed as bullish for cryptocurrencies, especially with President-elect Donald Trump expressing his support for the industry and hinting at more favorable regulations.\u00a0 Related Reading: Justin Drake Unveils \u2018The Beam Chain\u2019: A Vision For Ethereum Final Design Analyst Mike Colonnese from H.C. Wainwright commented on the current market conditions, stating: Strong positive sentiment is likely to persist through the balance of 2024, and we see Bitcoin prices potentially reaching the six-figure mark by the end of this year. The analyst further noted that Bitcoin is now in a phase of \u201cprice discovery\u201d after breaking through its all-time highs early last Wednesday morning, following the official announcement of Trump\u2019s election victory. This combination of market enthusiasm and regulatory optimism, he suggests, could see BTC continue its upward trajectory, attracting new investors and cementing its place in the financial landscape by the end of 2024.\u00a0 UBS Warns Of Historical Volatility Although betting markets and investors have set their sights on BTC\u00a0 hitting $100,000, Wall Street analysts are warning about the “speculative” nature of cryptocurrencies.\u00a0 Solita Marcelli, chief investment officer for the Americas at UBS Global Wealth Management, emphasized this point in a note to clients on Tuesday.\u00a0 \u201cWe continue to view crypto assets as a speculative trade rather than a strategic investment in portfolios,\u201d she stated. Marcelli expressed skepticism regarding the potential for digital assets to make significant inroads into disruptive real-world applications, noting their propensity to increase portfolio volatility. UBS highlighted that since 2014, Bitcoin has experienced three major drawdowns exceeding 70%, with an average recovery period of three years. Related Reading: Analyst Warns Of 10% Bitcoin Price Drop Ahead Of CPI Data On a more positive note, other cryptocurrencies saw gains on Wednesday. Ethereum (ETH), Solana (SOL), and even Dogecoin (DOGE) experienced upward movement.\u00a0 Dogecoin surged notably after Trump announced that Tesla CEO Elon Musk and former Republican presidential candidate Vivek Ramaswamy would head a newly formed \u201cDepartment of Government Efficiency,\u201d cleverly abbreviated to DOGE. However, crypto-related equities did not follow the bullish trend of Bitcoin. Stocks like Coinbase (COIN) and Robinhood (HOOD) took a breather after recent rallies, with Coinbase shares down about 2% on Wednesday, while Robinhood remained relatively unchanged.\u00a0 After hitting a new all-time high of $93,000 on Wednesday, BTC has come back down to the $90,350 level, yet, still up 20% on the week.\u00a0 Featured image from DALL-E, chart from TradingView.com\u00a0<\/p>\n","protected":false},"author":589,"featured_media":649753,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,485,656,679,755,768,1119,1144,78790,6664,26263,14690],"class_list":["post-653002","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-chart","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-technical-analysis","tag-bitcoin-trading","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\n
Bitcoin Expected To Hit $100,000 Before 2025, According To Kalshi Data<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n