According to prediction markets, there is an 85% chance that Bitcoin (BTC) will exceed $100,000 by the end of 2024, with some forecasts suggesting it could reach $125,000 or higher. This reflects a growing consensus in the market about a potential breakout rally above this psychological barrier. As of now, BTC's price has increased approximately 40% in November alone, making this quarter nearly as profitable as Q4 of the previous year. Despite this positive momentum, sell-side pressure from long-term holders has also escalated, which could affect price dynamics. Bitcoin ETFs have absorbed much of the selling pressure, but there are concerns that unrealized profits may lead to increased spending by long-term holders in the near future. These market trends and speculation highlight a pivotal moment for Bitcoin as it approaches significant numerical thresholds in valuation.

Source 🔗