Polymarket bettors are speculating on Bitcoin's (CRYPTO: BTC) performance this November, with sharp focus on whether the cryptocurrency will surpass $100,000.
Current predictions on the platform show a 79% chance that Bitcoin will breach this milestone, fueled by the asset's recent all-time high of $98,310 and growing optimism in the market.
Bettors Lean Toward $105,000, Cautious Beyond
Beyond the $100,000 mark, Polymarket data indicates a 46% probability for Bitcoin to hit $105,000 in November, while a rise to $110,000 is pegged at 25%.
However, optimism dims for more ambitious targets—only 9% of bettors see Bitcoin reaching $120,000, and just 1% believe it could hit $150,000 this month.
The cautious sentiment for extreme price hikes highlights the market's view of Bitcoin's upward limits this month, even as the cryptocurrency has shown consistent growth.
Also Read: Bitcoin Hits New All-Time High Above $98,000 As Spot ETFs Crack $100 Billion Net Asset Value Milestone
Institutional Activity And ETF Inflows Boost Optimism
Bitcoin's rally is being bolstered by significant institutional activity.
For example, MicroStrategy's (NASDAQ:MSTR) plans to raise $2.6 billion to purchase more Bitcoin has pushed its market cap past $100 billion.
Additionally, U.S. Bitcoin spot ETFs recorded $1.84 billion in net inflows over the past three days, showcasing rising demand for Bitcoin as an asset class.
These developments, combined with easing global monetary policies, are likely contributing to the bullish outlook for Bitcoin's price trajectory.
Bitcoin isn't the only cryptocurrency drawing attention. Polymarket bettors are also speculating on Ethereum and Solana's November performance.
For Ethereum (CRYPTO: ETH), there's a 23% chance of hitting $4,000 in Novem, while Solana (CRYPTO: SOL) bettors assign a 47% probability to the token crossing $275.
These markets indicate an overall bullish sentiment across major cryptocurrencies.
- BlackRock Sees 'Renewed Sense Of Optimism' Around Bitcoin
Image created using artificial intelligence with Midjourney.
