Bitcoin’s Chances of Reaching $100K Rise to 45%, Despite Pullback
The likelihood of Bitcoin surpassing $100,000 has increased to 45%, up from 34% last week, according to on-chain data. Despite its recent dip to $90,000, traders and analysts remain optimistic about its potential to hit six-figure territory, with some even eyeing a rally to $150,000.
Market Sentiment and Options Data
Nearly half of Bitcoin options traders are betting on a six-figure price by the end of 2024. On-chain options protocol founder Nick Forster noted strong demand for Bitcoin call options, signaling confidence in its upside potential.
At present, 41.3% of options contracts are calls, betting on a price increase, while 38.3% are puts, which anticipate a price drop. Bitcoin is currently trading at $92,680, down 7.02% from its peak of $99,541, per CoinMarketCap data.
Price Projections
- 68% Probability: Bitcoin will fluctuate between $81,493 and $115,579 by the end of 2024.
- 5% Probability: It could dip below $70,000 or climb as high as $137,645.
While optimism persists, analysts caution about potential pullbacks.
Analyst Insights
Ki Young Ju, CEO of CryptoQuant, noted that even in bull markets, Bitcoin can experience corrections of up to 30%, as seen during the 2021 rally from $17,000 to $64,000. He advised managing risk and avoiding panic selling during local dips.
Meanwhile, crypto analyst PlanC expressed optimism about Bitcoin consolidating in the $90,000 range, stating that such stability would be beneficial for sustaining the bull market.
Despite the potential for corrections, the market’s bullish outlook suggests a growing belief in Bitcoin’s ability to reach $100K and beyond.
