Will Bitcoin Price Hit 100K in Next 17 Days Heres What Polymarket Data Says

Published by

Vignesh S G

November 14, 2024

The Bitcoin market has seen an impressive 20.6% growth over the past week, and it’s now hovering near $90K. With nearly 46% of Polymarket bettors predicting that Bitcoin will hit $100K this month, the big question is: Is this target achievable?

Let’s take a closer look at what’s driving this surge.

What’s Boosting the Bitcoin Price?

Since the US presidential election, the entire crypto market has been on a steady rise. In just the last 24 hours, the market has grown by 2.9%, with top cryptocurrencies benefiting from the overall positive sentiment. Bitcoin, in particular, has jumped 32.35% since November 5.

Is It Overbought or Just Starting?

Currently, Bitcoin’s Relative Strength Index (RSI) stands at 81.40, which signals that the market is in the overbought zone. Despite this, Bitcoin’s price of $89,600 is well above key moving averages—the 50-day SMA of $68,922, the 100-day SMA of $64,324, and the 200-day SMA of $64,305—suggesting strong market momentum.

At the start of the month, Bitcoin’s price was around $70,128. It briefly dropped to a low of $67,951 on November 4. However, since November 5, the market has experienced steady growth, breaking through the crucial $90K level just yesterday. The market entered the overbought zone on November 6, and has remained there ever since

Polymarket’s Prediction: Can Bitcoin Reach $100K?

As of November 13 at 10 PM, 63% of Polymarket bettors were confident that Bitcoin would hit $100K by the end of November. This forecast was bolstered by Bitcoin setting a new all-time high on that very day.

Polymarket is even more bullish, forecasting a 38% chance that Bitcoin could exceed $100K and reach $105K in the near future. This reflects growing confidence in the ongoing bullish rally.

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A Glance at $105K: What Are the Odds?

With strong predictions from Polymarket and Bitcoin’s impressive growth, the coming weeks could be exciting for crypto enthusiasts.

Will Bitcoin hit $100K—or even surpass it? Only time will tell.

Vignesh S G

Vignesh is a young journalist with a decade of experience. A proud alumnus of IIJNM, Bengaluru, he spent six years as a Sub-Editor for a leading business magazine, published from Kerala. His interest in futuristic technologies took him to a US-based software company specialising in Web3, Blockchain and AI. This stint inspired him to view the future of journalism through the lens of next generation technologies. Now, he covers the crypto scene for Coinpedia, uncovering a vibrant new world where technology and journalism converge.