As Bitcoin continues to surge, there is a betting market on the prediction platform Polymarket titled 'Will Bitcoin reach $100,000 by Friday?' (before 12:59 PM Taiwan time tomorrow). Currently, the probability of 'Yes' has risen to 79% (background: Bitcoin surges to $100,000, what should I do with all my altcoins?). (Additional context: The cryptocurrency advisory committee set up by Trump will help establish a Bitcoin reserve for the U.S.) The Bitcoin frenzy has not yet cooled down, as its price broke through $97,000 yesterday, and this morning it directly reached $98,000, hitting $99,419 around 3:30 PM, refreshing its historical high and leaving just a step away from the $100,000 mark. Polymarket predicts a 79% probability for 'Bitcoin breaking $100,000 today.' Against this backdrop, a user opened a prediction betting market on the decentralized prediction platform Polymarket, titled 'Will Bitcoin reach $100,000 by Friday?' The rules are as follows: If any 1-minute candlestick chart of Bitcoin (BTCUSDT) on the Binance platform meets the condition (BTC reaches $100,000) between 4:00 PM Taiwan time on November 19, 2024, and 12:59 PM on November 23, 2024, this market will be immediately determined as 'Yes.' It is worth mentioning that, under the condition of Bitcoin breaking above $99,000 today, the probability of 'Yes' in the betting market has already reached 79% at the time of writing. Current BTC data is similar to the early stages of the 2020 bull market. On the other hand, according to previous reports from CoinDesk, CryptoQuant CEO Ki Young Ju tweeted and attached a chart yesterday, indicating that the Bitcoin bull market has begun. The data presented in the 'Bitcoin Bull-Bear Cycle Indicator Chart' is similar to that of the early stages of the 2020 bull market. Bitcoin Bull-Bear Cycle Indicator. Ki Young Ju further stated that by the end of May, he had already pointed out that the activity atmosphere of on-chain whales at that time was similar to that of mid-2020, but the subsequent market performance did not meet expectations, which made him question the accuracy of the data. However, the recent Bitcoin surge has made him believe again that the data is correct, and that the bullish trend is gradually becoming clearer. Additionally, Ki Young Ju further analyzed the reasons for Bitcoin's rise: Bitcoin's block reward halving has doubled the cost, and prices need to rise to maintain miner profitability. Many traders are shorting Bitcoin, and the market may push the bull market through a 'short squeeze.' According to past halving cycle performances, Bitcoin's bull market usually starts in the fourth quarter (October to December). The realization of new whale market capitalization growth. Galaxy Digital CEO: Breaking $100,000 is inevitable, but caution is needed for correction risks. Although the market is unanimously bullish on Bitcoin, Galaxy Digital CEO Mike Novogratz stated in an interview with CNBC that breaking $100,000 is 'almost inevitable,' and while Bitcoin may continue to rise, it will eventually face a correction: There is a lot of leverage in the system now... the crypto community has leveraged to the limit, so a correction will definitely happen. Furthermore, Novogratz also warned that stocks like MicroStrategy, which leverage Bitcoin, may face larger pullback corrections. However, Novogratz also stated that he does not believe Bitcoin will fall below $80,000 again. Related reports: The cryptocurrency advisory committee set up by Trump will assist in establishing a Bitcoin reserve for the U.S. Bitcoin's market cap 'exceeds New Taiwan dollars' at $1.95 trillion, ranking it the 12th largest currency globally! Bitcoin. Real estate market golden cross) Real estate tycoon warns: housing prices will fall for several years, cutting back 4% each year... 'Bitcoin 'Today breaks $100,000' Polymarket betting market probability surges to 79%, with BTC milestone just $600 away.' This article was first published on BlockTempo (the most influential blockchain news media).

#BTC