Bitcoin Trading near all-time highs, Kalshi users are betting the cryptocurrency could rise above $100,000 by the end of 2024.
karsh data Data on Tuesday showed that 60% of users are betting that Bitcoin could break the $100,000 mark by January. Furthermore, 45% of users are betting that the flagship cryptocurrency may reach this level this month.
Kalshi is an event contracts market launched in 2021, providing traders with a way to bet on the outcome of events such as economic data releases and election results. The platform rose to prominence this year for its legal action against the Commodity Futures Trading Commission, which led to betting markets on the presidential election being opened to U.S. traders ahead of last week’s vote.
The digital currency has gained more than 28% since last Tuesday’s U.S. presidential election. The election results were seen as favorable for cryptocurrencies as President-elect Donald Trump expressed support for the industry, including implementing more favorable regulations.
Prediction markets before the election were volatile, but overall were more favorable toward Trump than traditional polls. However, odds and betting platforms do not use the methods used by traditional political polls and therefore cannot replace political polls.
Bitcoin last traded around $89,000 on Tuesday after rising more than 10% to just under $90,000 on Monday, according to Coin Metrics.
BTC 1 Million Chart
“Strong positive sentiment is likely to continue into 2024, and (we) expect Bitcoin prices to potentially reach the six-digit mark by the end of the year,” said HC Wainwright analyst Mike Colonnese. “Trump officially announced in the early hours of last Wednesday After winning the election, Bitcoin broke out to new all-time highs and is currently in price discovery mode.”
—CNBC’s Tanaya Macheel contributed to this report.
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