How high can Bitcoin go? Prediction markets suggest $100K
|- Bitcoin has continued hitting new all-time highs as prediction markets price in high odds of a run to $100K.
- Ecoinometrics suggests that BTC's rally still falls short of its historic post-halving growth.
- Asset manager Bernstein appealed to investors to begin adding Bitcoin exposure.
Bitcoin is consistently setting new record highs on Monday after breaking above $89K. The continued uptrend has led asset managers like Bernstein to urge investors to consider adding Bitcoin exposure to their portfolios. Meanwhile, prediction market participants speculate that Bitcoin could reach $100K by the end of 2024.
Bitcoin surge above $89K as investors continue to hold
Bitcoin shot over 10% in the past 24 hours, crossing above the $89K level as its price is still largely influenced by Donald Trump's presidential election victory last week.
As the world's largest asset continues its rally, prediction market Polymarket has seen increased speculation that Bitcoin will hit $100K before the year ends. This could fuel the bullish momentum, with positive sentiment stirring among investors and crypto enthusiasts.
Bitwise Chief Investment Officer, Matt Hougan, stated that long-term Bitcoin holders have yet to sell below $100K, even as more investors seek to join the rally.
"An equal part of this rally is that people have stopped selling. Long-term owners are no longer willing to part with bitcoin below $100k, and short-sellers don't want to step in front of a freight train," he wrote in an X post on Monday.
Likewise, asset managers amassed record-breaking Bitcoin ETFs volume in the past week. This resulted in firms like Bernstein urging investors to consider gaining exposure to Bitcoin, hinting at a wild price rally.
Today, the Bitcoin ETFs saw record inflows, which, according to Eric Balchunas, suggest strong positive sentiment for the week.
"The Bitcoin Industrial Complex (ETFs + MSTR, COIN) saw $38b in trading volume today, lifetime records being set all over the place, including $IBIT which did $4.5b, which points to a robust week of inflows."
However, regardless of the massive energy behind the rally, the crypto data platform Ecoinometrics data suggests that Bitcoin's current rally is yet to match its price growth during the market rally in early March.
The data also highlights previous halving seasons and the growth trajectory that often followed them.
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