Bitcoin’s Chances of Reaching $100,000 in November Plummet on Polymarket Betting Platform

Bitcoin’s $100,000 Milestone

Long Odds on Polymarket

Recent data shows that the odds of Bitcoin hitting $100,000 this November have dropped significantly on the popular betting platform Polymarket, now standing at 42% compared to 90% just three days prior.

Record High and Correction

Bitcoin came close to the coveted $100,000 mark with a record high of $99,645 before experiencing a minor pullback, currently trading around $96,000 after briefly dipping to $94,824.

Market Sentiment

Novogratz’s Optimism

Despite the recent correction, Galaxy Digital CEO remains optimistic about Bitcoin reclaiming $100,000, calling it “inevitable” during a recent CNBC interview. The CEO had previously predicted reaching this milestone by 2024.

Market Predictions

Polymarket now indicates a 25% chance of Bitcoin surpassing $100,000 by November 29, with year-end odds dropping from 95% to 79%. Novogratz believes that corrections are normal and does not foresee Bitcoin dropping below $80,000.

Expert Insights

The Significance of $100,000

Former fund manager Aksel Kibar questions the importance of the $100,000 price level, suggesting it holds more symbolic value for celebrations rather than technical significance.