u.today
The odds of Bitcoin, the largest cryptocurrency, reaching $100,000 this November have plunged to 42% on popular crypto-powered betting platform Polymarket.
For comparison, there was a 90% chance of Bitcoin hitting the much-coveted level just three days ago.
According to CoinGecko data, the bellwether cryptocurrency reached its current record high of $99,645. After falling short of surpassing $100,000, Bitcoin ended up experiencing a minor correction.
Earlier today, Bitcoin briefly plunged to an intraday low of $94,824 before paring some losses. The cryptocurrency is currently changing hands slightly above the $96,000 level. It is 3.6% away from reclaiming the record high that was reached last week.
As reported by U.Today, Galaxy Digital CEO confidently stated that Bitcoin reclaiming $100,000 was "inevitable" during a CNBC interview. Earlier this year, the cryptocurrency predicted that Bitcoin would surpass the much-talked-about price level in 2024.
However, following the recent correction, Polymarket bettors see only a 25% chance of Bitcoin trading above $100,000 on Nov. 29.
The odds of Bitcoin reaching six figures by the end of the year have dropped from a peak of 95% to 79%.
During the aforementioned CNBC interview, Novogratz also stated that market corrections were "inevitable." However, the billionaire does not see Bitcoin dropping below the $80,000 level.
Former fund manager Aksel Kibar recently downplayed the importance of the $100,000 price mark, arguing that it is neither a technical nor a psychological level. For some, "it might be a nice level to post memes and celebrate," according to Kibar.