Bitcoin tipped to hit $100,000 this year
Bookmakers have shortened the odds on Bitcoin breaking $100,000 before the end of 2021.
Earlier this month, odds on the flagship cryptocurrency hitting what has often been labelled the “golden psychological barrier” were floating around a cautious 7/4, offering a 36 per cent probability.
Today, however, those odds were slashed to account for a 42 per cent probability at just 7/5.
Only a few months ago, the prospect of Bitcoin (BTC) reaching $50,000 let alone $100,000 seemed a far-off prospect.
In March 2020, BTC was fighting to cling on to the energy that would take it close to $10,000. Yet, by January this year, the 12-year-old cryptocurrency was piercing $40,000 with conviction.
The half-century was notched last month to resounding celebrations of reaching not just a huge milestone, but also a massive psychological barrier – and one which saw a slew of institutional investors sit up and take notice.
All-time-high
A dip followed after the market overreached and became overheated, but things quickly picked back up again before climbing above $60,000 and setting a new all-time-high of $61,701.
Another series of dips then followed as an unexpectedly strong US bond yield appeared to drive personal investment to safer ground.
However, things were brought back on track when entrepreneur Elon Musk suddenly – although perhaps not altogether unexpectedly – announced that his Tesla vehicles could now be purchased with Bitcoin.
Bookmakers are now looking hard at BTC’s projections, with cryptocurrency betting site Unikrn first to slash their odds.
“Bitcoin’s rapid rise this year might have checked in recent weeks but the movement in odds suggests the landmark figure of $100,000 is still in reach and cannot be ruled out,” a spokesman for the eSports betting specialist said.
“There’s now a 42% probability that the crypto will be valued at that enormous price at the end of the year, according to our odds, with many experts anticipating another rise.
“Though the unpredictability and volatility of the market has also cast some doubts over the past fortnight.”
Only yesterday, Crypto AM contributor Dr Chris Kacher explained why he believes Bitcoin would reach $500,000 during its current cycle.
The physicist and crypto trading guru said metrics and historical analysis of centuries of finance pointed to a huge rise for cryptocurrency.