On Wednesday, Bitcoin surged past $109,000, setting a new all-time high, and traders are placing significant bets on its future price. Prediction markets like Polymarket, Kalshi, and Myriad Markets are seeing millions wagered on whether Bitcoin will reach new milestones this year.
Polymarket data shows a 93% chance of Bitcoin hitting $110,000 by the end of May, with a 49% probability of reaching $115,000. Kalshi users have invested approximately $3.5 million, indicating a 70% chance of Bitcoin reaching $125,000 by the end of 2025.
Myriad Markets estimates a 21.4% chance of Bitcoin exceeding $115,000 by May 25. This surge in Bitcoin's price occurred before Donald Trump's dinner for investors in his meme coin, Official Trump, scheduled for Thursday.
The total market value of digital assets reached $3.38 trillion on Wednesday, a 1.34% increase from the previous day, according to CoinGecko. The 24-hour trading volume increased by nearly 27%.
Bitcoin has since retreated, trading below $107,000, a 2% decrease over the past hour but remaining roughly flat over the past 24 hours.
This article is based on our author's analysis of materials taken from the following resource: Decrypt.