Tanahub.com — Prediction platform Polymarket has recorded a 76% probability of Bitcoin (BTC) breaking the psychological threshold of $100,000 in 2024. This data is derived from market activity on the platform, where users place bets on Bitcoin’s potential price movements.
The likelihood of Bitcoin reaching $100,000 increased to 76%, up from 57% just a few days prior. This prediction reflects growing market confidence in Bitcoin’s potential to achieve this psychological level before the end of the year.
Odds Bitcoin hits $100k this year are up to 76%.
Too low? pic.twitter.com/IbZHk8GpWd
— Polymarket (@Polymarket) November 13, 2024
The heightened optimism comes after Bitcoin, the world’s largest cryptocurrency, surpassed $93,000 on the evening of November 13, 2024, before pulling back to around $90,000, according to current market data.
Additionally, Polymarket data shows the probability of Bitcoin reaching $95,000 in November has risen to 75%, up from 64% the day before. The chance of hitting $105,000 now stands at 33%, compared to 25% previously.
Analytics firm Santiment noted that Bitcoin’s surge to a new all-time high has sparked a wave of $100,000+ price predictions across social media within hours. This surge in bullish sentiment often signals retail investors entering the market but could also trigger short-term price corrections.
Santiment highlighted that high social media activity can act as a barometer for Bitcoin’s price movements. Historically, when overly optimistic predictions flood social platforms, it’s a sign that retail investors are experiencing fear of missing out (FOMO). Unlike retail investors, seasoned traders tend to exercise caution during such euphoric phases, anticipating potential price corrections.
🥳 Bitcoin’s incredible run has now topped out at a new all-time high price of $93,490. The hype across social media platforms is calling the tops very reliably, with the biggest signal came as $100K+ BTC price speculation poured in right at the ATH 4 hours ago.
Counter-trade… pic.twitter.com/fqn0tVEL80
— Santiment (@santimentfeed) November 13, 2024
The firm further stated that successful investors typically act counter to market sentiment. When FOMO drives excessive optimism about Bitcoin, experienced investors often view it as an opportunity to sell or refrain from buying.
Source: Volubit.id