As a seasoned researcher with over two decades of experience in financial markets and technology, I have witnessed the meteoric rise and fall of various assets, including Bitcoin. The recent events surrounding Bitcoin’s price action have piqued my interest, as they underscore the inherent volatility and unpredictability that characterize this nascent asset class.
As an analyst, I’ve noticed that traders who had wagered on Bitcoin reaching the $100,000 milestone have seen their positions closed prematurely on the forecasting platform Polymarket, due to a recent downturn in the market.
On November 22nd, Bitcoin (BTC) reached an unprecedented peak of $99,655, boosting the probability of surpassing the $100,000 mark by approximately 91% as suggested by a survey conducted on Polymarket.
Initially, the primary digital currency experienced a downturn, reaching a low of around $90,800 on November 27th. By the end of the month, it hovered near the $98,000 level.
As a result, one trader called TomApproves on Polymarket wagered $114,000 that Bitcoin would reach $100,000 in November. In contrast, an unidentified gambler lost nearly $56,000 on the same bet as Bitcoin, often referred to as digital gold, pulled back.
The total trading volume of the poll reached $28.5 million, per data from Polymarket.
$90k or $100k Bitcoin next?
Based on recent market projections, it appears that many traders remain optimistic about Bitcoin potentially hitting $100,000 before 2025. However, according to a survey on Polymarket, there’s approximately a 40% likelihood that the BTC price may dip back into the range of $90,000.
A recent survey involving approximately $14 million worth of trades indicates a significant rise in the likelihood of Bitcoin reaching $100,000 by the end of this month. The probability has climbed from 19% to 71% over the past 30 days.
On Monday morning, Bitcoin spiked to an impressive $98,150 before settling at the current price of $96,700. In the past 24 hours, its trading volume has significantly risen by 32%, amounting to a substantial $42.4 billion.
Robert Kiyosaki, the writer of “Rich Dad Poor Dad” and a consistent Bitcoin advocate, predicts that the price of Bitcoin could drop to around $60,000 before eventually reaching $100,000. In his words, “Should this occur, I won’t sell. Instead, it will be like Bitcoin is on sale. I’ll buy even more.
The best-selling author believes that Bitcoin could “settle” around $250,000 in 2025.
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2024-12-02 10:32