Bitcoin is on track to reach $100,000 before the end of 2024, having entered a price discovery phase and recorded a new all-time high of $89,956.88 early on Tuesday.
BTC made the largest daily gain in its history yesterday when it closed at more than $8,300 above its opening price. According to data shared by Galaxy Digital’s Alex Thorn, bitcoin opened on Monday, November 11, at $80,427 and, by closing, had jumped to $88,770.
This performance came after Donald Trump became the president of the United States, and Bitcoin has increased by more than 25% since his victory over Kamala Harris last week.
However, this rise should be expected, as crypto investors have been applauding President-elect Donald Trump’s promises to create a more favorable regulatory landscape for crypto firms, which have long faced difficulties due to unclear regulations.
Will Bitcoin hit $100k in 2024?
The possibility of Bitcoin hitting $100,000 in 2024 is generating significant interest among investors and analysts. Various factors suggest that this target is possible, although it remains speculative.
However, with Bitcoin consistently surpassing previous all-time highs, many experts believe it has gathered enough momentum to exceed the psychological barrier of $100,000 by year-end. Currently priced at approximately $88,000, BTC is just $12,000 shy of the $100K milestone.
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Polymarket, the largest prediction market with a strong track record of accuracy, shows a 68% chance of Bitcoin reaching $100K in 2024. Although the odds have dipped to 54% at the moment, they may rise as Bitcoin continues to record new price peaks.
Bitcoin’s odds of reaching $100k in 2024 | Polymarket
At the same time, Bitcoin’s technical momentum plays a significant role in its rise towards $100,000. The Crypto Fear & Greed Index currently stands at “Extreme Greed” of 85, reflecting strong market confidence and enthusiasm for buying.
Moving Averages, a widely used indicator of sustained bullish pressure, reveal up to 13 buy signals, with only one sell and one neutral indication.
BTC price prediction: to reach $150k in 2025
In April, Spot on Chain forecasted that Bitcoin would range from $56,000 to $70,000 during May and July of 2024, which proved correct.
The odds of #Bitcoin hitting $100K in 2024 on @Polymarket now reach 68% as $BTC continues to record new highs!
This aligns closely with our April prediction that $BTC would:
1/ Range from $56K to $70K in May and July 2024. ➡️ accurately forecast ✅
2/ Hit $100K in the second… https://t.co/WmuXrwrLED pic.twitter.com/yGXePJ8lAw
— Spot On Chain (@spotonchain) November 12, 2024
They also estimated a 63% likelihood that Bitcoin would reach $100K in the latter half of 2024, and with BTC currently around $90,000, it is nearing that target.
However, they predict a 42% chance that Bitcoin will hit $150K in 2025, particularly if the U.S. climate under President Trump’s administration becomes more crypto-friendly.
Senator Cynthia Lummis also noted that the administration could enact the Bitcoin Act within the first 100 days of Trump’s term.
I believe we can get this done with bipartisan support in the first 100 days IF we have the support of the people.
It is a game changer for the solvency of our nation. Let’s put America on sound financial footing and pass the Bitcoin Act! https://t.co/gPIGaUtiQZ
— Cynthia Lummis 🦬 (@CynthiaMLummis) November 11, 2024
The Bitcoin Act would enable the U.S. government to purchase 1 million Bitcoins over five years, suggesting positive years ahead for the cryptocurrency market.
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