As a seasoned researcher with a decade of experience in the financial markets, I’ve witnessed numerous bull runs and corrections. The latest Bitcoin prediction seems to be following a familiar pattern – a meteoric rise followed by a correction. While the odds have plummeted for Bitcoin reaching $100,000 this November, I’m reminded of an old saying in trading: “Bull markets climb a wall of worry.
The probability that Bitcoin, the leading cryptocurrency, will reach $100,000 by November on a widely used cryptocurrency prediction platform like Polymarket has dropped significantly to approximately 42%.
Three days back, there was approximately a 90% probability that Bitcoin would reach a highly desired level.
Based on information from CoinGecko, the leading cryptocurrency has hit an all-time high of $99,645. However, it failed to break through the $100,000 mark and subsequently underwent a slight adjustment or pullback.
This afternoon, I observed a temporary dip in Bitcoin’s value, reaching an intraday low of approximately $94,824. However, it has since recovered slightly, now trading slightly above the $96,000 mark. Notably, it is currently 3.6% short of regaining the all-time high that was attained just last week.
According to a report from U.Today, Mike Novogratz, CEO of Galaxy Digital, expressed certainty during a CNBC interview that Bitcoin will reach $100,000, an event he considers unavoidable. Earlier this year, Novogratz had predicted that Bitcoin would surpass the widely discussed price mark in 2024.
Currently, based on recent adjustments, traders on Polymarket predict that there’s roughly a 25% likelihood for Bitcoin to surpass $100,000 by November 29th.
The probability of Bitcoin reaching six digits in value before the year ends has decreased from its highest point of 95%, now standing at 79%.
In the recently held CNBC interview, Novogratz expressed that market adjustments or corrections are unavoidable. Yet, he doesn’t anticipate Bitcoin falling beneath the $80,000 mark.
More recently, Aksel Kibar, a former fund manager, has expressed that the $100,000 price point isn’t significant, as it doesn’t have technical or psychological relevance. In the eyes of some, this figure might serve as an amusing level for sharing memes and celebrating, as per Kibar’s statement.
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2024-11-25 20:24