Bitcoin Unlikely to Hit $100,000 This Year: Kalshi

Bitcoin has continued to face selling pressure among both retail and institutional traders, and it is increasingly becoming unlikely that it would reclaim the long-anticipated $100,000 level this year.

While uncertainties concerning the asset’s next price action have continued to grow, recent data provided by crypto prediction platform Kalshi shows an extremely bearish forecast for Bitcoin.

Bitcoin chances of hitting $100,000 fall flat

While investors’ sentiments on Bitcoin have increasingly turned bearish, Kalshi revealed its traders now believe that there is no chance for Bitcoin to hit $100,000 this year.

The forecast, which has sparked discussions across the crypto market, comes as Bitcoin continues to fail every attempt to break past $84,000.

While its price has continued to trade steadily below $80,000 since the past week, it appears that traders no longer see the possibility of a major price breakout for Bitcoin.

As its price continues to struggle to reclaim recent highs, the price of Bitcoin shows a 3.14% decline over the past week and a mild 0.43% decline over the last 24 hours.

Following the weak price moves, Bitcoin is trading at $76,794 as of writing time. Amid the persisting sell-side pressure, Bitcoin would need to surge by about 40% to set a new price record. It is highly unlikely that this would happen this year per forecast from Kalshi traders.

Bitcoin’s institutional investors relent

The bearish sentiment on Bitcoin has become more evident in its steady ETF withdrawals as institutional investors appear to be backing down.

Over the last week, the Bitcoin ETFs have recorded steady withdrawals on all days of the week. No fresh capital flowed into the Bitcoin ETF market all week.

This weak ETF performance has further sparked fear among retail investors amid speculations of another prolonged price correction as traders begin to take caution.