Bitcoin’s potential to breach $100,000 by the end of 2024 is gaining serious traction. Data from prediction market Kalshi indicates an 85% chance of Bitcoin surpassing the six-figure milestone by December 31. A $125,000 price tag is the median forecast, with a 9% probability of hitting $150,000. Outlier bets even suggest a $250,000 valuation, sparking speculation about Bitcoin’s meteoric rise.
Market Cap May Reach $2.5 Trillion
Bitcoin price odds as of Nov. 23 (screenshot). Source: Kalshi
Analysts predict Bitcoin’s market cap could hit $2.5 trillion by January 1, 2025. With prices climbing nearly 40% in November alone, this quarter has proven almost as profitable as Q4 2023. Trading experts, such as The Kobeissi Letter, have described these projections as “wild,” emphasizing that the psychological barrier of $100,000 remains a pivotal milestone.
ETF Inflows Absorb Sell-Side Pressure
Institutional inflows via Bitcoin ETFs are playing a key role in sustaining the rally. On-chain analytics firm Glassnode reveals that ETFs absorbed over 90% of sell-side pressure from long-term holders (LTH). However, as LTH profits grow, selling activity could intensify, challenging the market’s upward momentum.
Consolidation or Continued Rally?
While Bitcoin’s rally shows little sign of slowing, some analysts caution that a retracement is necessary to stabilize gains. Despite the lack of major corrections, ongoing profit-taking by long-term holders and unprecedented ETF inflows are shaping Bitcoin’s volatile journey toward six figures.
As the year-end approaches, Bitcoin’s bullish momentum is undeniable. Whether it surpasses $100,000 or even $125,000, the market is preparing for a historic close to 2024. However, the balance between institutional demand and profit-taking remains critical for the sustainability of these gains.
