- Bitcoin trades at about $87,243, at press time, reflecting a 15% rise from its dip below $80,000.
- PolyMarket bettors have put Bitcoin’s upper limit at around $138,000 for the year, as opposed to $122,000 for Kalshi bettors
- A break above $88,000 could propel Bitcoin back on a strong path toward reaching $100,000 this year.
Bitcoin has seen its fair share of volatility over the past few months. The cryptocurrency has pushed investors between optimism and caution ever since its break below the $100,000 mark earlier in the year. As it stands, investors are now eager to know: Will Bitcoin soon break above $100,000 again, as investors anticipate a rally? If it will, how far up will it go this year?
Bitcoin’s Current Market Position
At publication, Bitcoin is trading at around $87,243. This makes a modest 15% recovery from its most recent dip underneath the $80,000 zone. The cryptocurrency has gained nearly 3% over the last week according to CoinMarketCap, after being heavily influenced by U.S. trade tariffs and other macroeconomic factors. From a technical standpoint, Bitcoin is now testing resistance near the $88,000 zone, which is aligned closely with the 50-day moving average.
If a breakout above this price level occurs, it could lead to a retest of Bitcoin’s all-time high around $108,000. If Bitcoin stays below $88,000, it might retest support at $85,000 soon.
At the time of writing, Bitcoin’s RSI on the daily chart now hovers around the neutral zone, indicating that the market could swing either way. The 50-day SMA sits around the $88,000 zone, which could be a rough resistance for Bitcoin to break through on its way towards $100,000. However, the future of Bitcoin remains bullish on the long-term, regardless of the ongoing bearishness on the short to medium terms.
What Are Prediction Markets Saying About Bitcoin?
On the other end of the market, the prediction markets have come alive with speculation. PolyMarket bettors for example, have put Bitcoin’s upper limit at around $138,000 for the year. This would stand at around a 60% upside from the cryptocurrency’s price levels.
On the other hand, Kalshi, a similar platform sees Bitcoin’s expected price target at around $122,000—meaning that Bitcoin has around a $11,500 price move beyond its all-time high. The interesting thing about these predictions is that they are underwhelming, compared to previous predictions from Bitcoin maximalists.
Overall, some of the major price levels to keep an eye out for including the support at $73,800 and $69,000 (the previous all-time highs for Bitcoin’s price). Another price level to keep an eye out for is the $76,000 zone, where a loss of this level could lead to a $69,000 revisit.
Finally, a break above $88,000 could set Bitcoin on a path toward $100,000. According to analyst Ashwin, who drew attention to these predictions from Polymarket to begin with, Bitcoin could fluctuate between $85,000 and $90,000 in the near term.
If the cryptocurrency manages to break above the $88,000 resistance level, a rally toward $100,000 could come into play by the middle of the year.
